Franchise brands › Dairy Queen Operating Agreement
Franchise brand104 approvals since FY2014
SBA loans to Dairy Queen Operating Agreement 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.
SBA lists 104 loan approvals since FY2014 under the Dairy Queen Operating Agreement franchise brand, worth $64.9M; 68 of them came in FY2021 to FY2025.
In FY2025 there were 1. The average approval in the five-year window was $669K, and 17 of the approvals were 504 loans.
36 lenders made the FY2021 to FY2025 loans across 22 states; the most active were The Huntington National Bank (8), The American National Bank of Texas (7) and Merchants Bank of Indiana (4).
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* | 0 | — | — | 0 | 0 |
| FY2025 | 1 | — | — | 0 | 6 |
| FY2024 | 6 | $4.3M | $724K | 3 | 123 |
| FY2023 | 9 | $6.2M | $688K | 3 | 169 |
| FY2022 | 24 | $14.9M | $619K | 7 | 512 |
| FY2021 | 28 | $19.7M | $702K | 4 | 761 |
| FY2020 | 22 | $12.8M | $583K | 7 | 410 |
| FY2019 | 11 | $5.6M | $505K | 5 | 149 |
| FY2018 | 0 | — | — | 0 | 0 |
| FY2017 | 0 | — | — | 0 | 0 |
| FY2016 | 0 | — | — | 0 | 0 |
SBA's franchise field lists the brand as "Dairy Queen Operating Agreement". Codes SBA has used for the same brand name are added together.
Charge-off cohort rate
| Loans approved FY2010–FY2021 | Dairy Queen Operating Agreement | All SBA loans |
|---|---|---|
| Approvals in these years | 64 | 725,496 |
| Cancelled or never disbursed | 8 | 91,827 |
| Disbursed loans | 56 | 633,669 |
| Paid in full | 23 | 471,304 |
| Charged off | 0 | 37,796 |
| Still outstanding (status exempt from disclosure) | 33 | 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 | The Huntington National BankColumbus, OH | 8 | $3.4M | 11.8% | |
| 2 | The American National Bank of TexasTerrell, TX | 7 | $2.6M | 10.3% | |
| 3 | Merchants Bank of IndianaCarmel, IN | 4 | $3.6M | 5.9% | |
| 4 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 3 | $3.1M | 4.4% | |
| 5 | Regional Development CompanyValparaiso, IN · CDC | 3 | $1.7M | 4.4% | |
| 6 | Union Bank and Trust CompanyLincoln, NE | 3 | $1.3M | 4.4% | |
| 7 | Mortgage Capital Development CorporationOakland, CA · CDC | 2 | — | 2.9% | |
| 8 | First Commonwealth BankIndiana, PA | 2 | — | 2.9% | |
| 9 | Magyar BankNew Brunswick, NJ | 2 | — | 2.9% | |
| 10 | Live Oak Banking CompanyWilmington, NC | 2 | — | 2.9% | |
| 11 | WBD, Inc.Madison, WI · CDC | 2 | — | 2.9% | |
| 12 | Stearns Bank National AssociationSaint Cloud, MN | 1 | — | 1.5% | |
| 13 | Wells Fargo Bank National AssociationSioux Falls, SD | 1 | — | 1.5% | |
| 14 | SouthState Bank, National AssociationWinter Haven, FL | 1 | — | 1.5% | |
| 15 | Renasant BankTupelo, MS | 1 | — | 1.5% |
States
| # | State of the business, FY2021–FY2025 | Approvals | Share | |
|---|---|---|---|---|
| 1 | Texas | 9 | 13.2% | |
| 2 | Minnesota | 8 | 11.8% | |
| 3 | Indiana | 8 | 11.8% | |
| 4 | Pennsylvania | 6 | 8.8% | |
| 5 | Illinois | 5 | 7.4% | |
| 6 | Michigan | 4 | 5.9% | |
| 7 | Wisconsin | 4 | 5.9% | |
| 8 | Georgia | 3 | 4.4% | |
| 9 | West Virginia | 3 | 4.4% | |
| 10 | Florida | 2 | 2.9% | |
| 11 | Arizona | 2 | 2.9% | |
| 12 | California | 2 | 2.9% | |
| 13 | New Hampshire | 2 | 2.9% | |
| 14 | Nebraska | 2 | 2.9% | |
| 15 | Mississippi | 1 | 1.5% |
Filed under
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 66 | 97.1% | |
| 2 | Specialty Food StoresNAICS 4452 | 2 | 2.9% |
Approval sizes
- $50,000 or less4.4%3
- $50,001 to $150,00010.3%7
- $150,001 to $350,00014.7%10
- $350,001 to $1 million51.5%35
- $1 million to $2 million16.2%11
- Over $2 million2.9%2
Age of the businesses
- Existing, more than 2 years old41.2%28
- New business, 2 years or less5.9%4
- Startup, loan funds will open the business27.9%19
- Change of ownership25.0%17
Questions and answers
How many SBA loans go to Dairy Queen Operating Agreement franchises?
104 approvals since FY2014, worth $64.9M; 68 in FY2021 to FY2025.
Which lenders make SBA loans for Dairy Queen Operating Agreement franchises?
By approvals in FY2021 to FY2025: The Huntington National Bank (8), The American National Bank of Texas (7), Merchants Bank of Indiana (4), Midwest Business Finance Corporation (3), Regional Development Company (3).
How large is a typical SBA loan for a Dairy Queen Operating Agreement franchise?
The average approval in FY2021 to FY2025 was $669K.
What share of Dairy Queen Operating Agreement SBA loans are charged off?
Of 56 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 Dairy Queen Operating Agreement franchises rising?
Approvals in the three latest complete fiscal years total 16, against 74 in the three before: falling (-78%).
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