When does Monicals Pizza's $1,500,000 revolving line of credit with Busey Bank mature?
Monicals_Pizza Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 23: RECEIPTS]
NOTE 7 – LINE OF CREDIT
The Company has a $1,500,000 revolving line of credit with Busey Bank as of December 31, 2023 and 2022 that matures in July 2024. The line bears interest at the prime rate (8.50 percent at December 31, 2023) and is secured by a General Business Security Agreement. No amounts were drawn on the line as of December 31, 2023 and 2022. There are no covenants with respect to this line.
Source: Item 23 — RECEIPTS (FDD pages 46–257)
What This Means (2025 FDD)
According to Monicals Pizza's 2025 Franchise Disclosure Document, the company had a $1,500,000 revolving line of credit with Busey Bank as of December 31, 2023, and December 31, 2022. This line of credit is scheduled to mature in July 2024.
This line of credit bears interest at the prime rate, which was 8.50% as of December 31, 2023. The credit line is secured by a General Business Security Agreement.
As of December 31, 2023, and December 31, 2022, Monicals Pizza had not drawn any amounts from this line of credit. The agreement for the line of credit does not contain any covenants.