Franchise brands › Culver's ButterBurgers & Frozen Custard
Franchise brand383 approvals since FY2014
SBA loans to Culver's ButterBurgers & Frozen Custard franchises
Approvals SBA files under the brand's franchise code. The loans are to independent franchise owners; this page describes the brand in aggregate and no franchisee.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Since FY2014, 383 SBA loan approvals worth $557M carry the Culver's ButterBurgers & Frozen Custard franchise code, 205 of them in FY2021 to FY2025.
In FY2025 there were 28, up 22% on FY2024. The average approval in the five-year window was $1.5M, and 118 of the approvals were 504 loans.
48 lenders made the FY2021 to FY2025 loans across 23 states; the most active were Bank Five Nine (39), Florida First Capital Finance Corporation, Inc. (13) and Michigan Certified Development Corporation (13).
Of loans approved in FY2010 to FY2021 and disbursed, SBA records 0.0% as charged off, below the 6.0% for all SBA loans from those years. The figures describe loans to independent franchise owners, not the franchisor.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Loans by fiscal year
| Fiscal year | Approvals | Dollars approved | Average approval | of which 504 | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 25 | $36.9M | $1.5M | 13 | 832 |
| FY2025 | 28 | $37.1M | $1.3M | 17 | 880 |
| FY2024 | 23 | $32.8M | $1.4M | 11 | 952 |
| FY2023 | 34 | $50.9M | $1.5M | 21 | 1,306 |
| FY2022 | 57 | $82.7M | $1.5M | 38 | 1,853 |
| FY2021 | 63 | $108M | $1.7M | 31 | 2,639 |
| FY2020 | 39 | $52.6M | $1.3M | 25 | 1,170 |
| FY2019 | 63 | $90.9M | $1.4M | 25 | 3,207 |
| FY2018 | 41 | $52.5M | $1.3M | 22 | 1,338 |
| FY2017 | 5 | $5.6M | $1.1M | 5 | 155 |
| FY2016 | 4 | $5.3M | $1.3M | 4 | 98 |
SBA's franchise field lists the brand as "Culver's ButterBurgers & Frozen Custard". Codes SBA has used for the same brand name are added together.
Charge-off cohort rate
| Loans approved FY2010–FY2021 | Culver's ButterBurgers & Frozen Custard | All SBA loans |
|---|---|---|
| Approvals in these years | 216 | 725,496 |
| Cancelled or never disbursed | 18 | 91,827 |
| Disbursed loans | 198 | 633,669 |
| Paid in full | 78 | 471,304 |
| Charged off | 0 | 37,796 |
| Still outstanding (status exempt from disclosure) | 120 | 124,569 |
| Charged off, share of disbursed loans | 0.0% | 6.0% |
| Dollars charged off, share of disbursed dollars | 0.0% | 2.2% |
| Dollars charged off | $0 | $6.20bn |
Lenders
| # | Lender, FY2021–FY2025 | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Bank Five NineOconomowoc, WI | 39 | $46.1M | 19.0% | |
| 2 | Florida First Capital Finance Corporation, Inc.Tallahassee, FL · CDC | 13 | $24.4M | 6.3% | |
| 3 | Michigan Certified Development CorporationEast Lansing, MI · CDC | 13 | $16.8M | 6.3% | |
| 4 | WBD, Inc.Madison, WI · CDC | 11 | $12.9M | 5.4% | |
| 5 | Small Business Growth CorporationSpringfield, IL · CDC | 9 | $10.6M | 4.4% | |
| 6 | Florida Business Development CorporationTampa, FL · CDC | 7 | $12.2M | 3.4% | |
| 7 | Independent Development Services CorporationFort Myers, FL · CDC | 7 | $11.8M | 3.4% | |
| 8 | Mountain West Small Business FinanceSalt Lake City, UT · CDC | 7 | $9.2M | 3.4% | |
| 9 | Wells Fargo Bank National AssociationSioux Falls, SD | 6 | $21.2M | 2.9% | |
| 10 | Bank First, N.A.Manitowoc, WI | 6 | $7.0M | 2.9% | |
| 11 | The Huntington National BankColumbus, OH | 5 | $6.3M | 2.4% | |
| 12 | Live Oak Banking CompanyWilmington, NC | 4 | $13.1M | 2.0% | |
| 13 | Fifth Third BankCincinnati, OH | 4 | $9.8M | 2.0% | |
| 14 | Rural Missouri, Inc.Jefferson City, MO · CDC | 4 | $5.7M | 2.0% | |
| 15 | Rockford Local Development CorporationRockford, IL · CDC | 4 | $5.2M | 2.0% |
States
| # | State of the business, FY2021–FY2025 | Approvals | Share | |
|---|---|---|---|---|
| 1 | Florida | 47 | 22.9% | |
| 2 | Illinois | 21 | 10.2% | |
| 3 | Wisconsin | 19 | 9.3% | |
| 4 | Michigan | 19 | 9.3% | |
| 5 | North Carolina | 12 | 5.9% | |
| 6 | Minnesota | 10 | 4.9% | |
| 7 | Colorado | 9 | 4.4% | |
| 8 | Georgia | 8 | 3.9% | |
| 9 | Texas | 7 | 3.4% | |
| 10 | Utah | 7 | 3.4% | |
| 11 | Arizona | 7 | 3.4% | |
| 12 | Missouri | 5 | 2.4% | |
| 13 | Indiana | 5 | 2.4% | |
| 14 | South Carolina | 5 | 2.4% | |
| 15 | Tennessee | 5 | 2.4% |
Filed under
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 204 | 99.5% | |
| 2 | Other Personal ServicesNAICS 8129 | 1 | 0.5% |
Approval sizes
- $50,000 or less2.0%4
- $50,001 to $150,0004.4%9
- $150,001 to $350,00011.7%24
- $350,001 to $1 million15.1%31
- $1 million to $2 million45.4%93
- Over $2 million21.5%44
Age of the businesses
- Existing, more than 2 years old46.3%95
- New business, 2 years or less7.8%16
- Startup, loan funds will open the business40.0%82
- Change of ownership5.9%12
Questions and answers
How many SBA loans go to Culver's ButterBurgers & Frozen Custard franchises?
383 approvals since FY2014, worth $557M; 205 in FY2021 to FY2025.
Which lenders make SBA loans for Culver's ButterBurgers & Frozen Custard franchises?
By approvals in FY2021 to FY2025: Bank Five Nine (39), Florida First Capital Finance Corporation, Inc. (13), Michigan Certified Development Corporation (13), WBD, Inc. (11), Small Business Growth Corporation (9).
How large is a typical SBA loan for a Culver's ButterBurgers & Frozen Custard franchise?
The average approval in FY2021 to FY2025 was $1.5M.
What share of Culver's ButterBurgers & Frozen Custard SBA loans are charged off?
Of 198 disbursed loans approved in FY2010 to FY2021, 0 (0.0%) are recorded as charged off; for all SBA loans from those years the figure is 6.0%.
Are SBA loans to Culver's ButterBurgers & Frozen Custard franchises rising?
Approvals in the three latest complete fiscal years total 85, against 159 in the three before: falling (-47%).
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error