SBA loans to Jersey Mike’s Subs 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 335 loan approvals since FY2017 under the Jersey Mike’s Subs franchise brand, worth $161M; 208 of them came in FY2021 to FY2025.

In FY2025 there were 33, up 65% on FY2024. The average approval in the five-year window was $496K, and 2 of the approvals were 504 loans.

27 lenders made the FY2021 to FY2025 loans across 38 states; the most active were Live Oak Banking Company (33), The Huntington National Bank (18) and Citizens Bank (16).

Of loans approved in FY2010 to FY2021 and disbursed, SBA records 1.2% 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.

335approvals since FY2017$161M

208approvals, FY2021–FY2025FY2025: 33

$496Kaverage approval, FY2021–FY2025all SBA loans: $573K

27lenders, FY2021–FY202538 states

1.2%loans approved FY2010–FY2021 charged offall SBA loans: 6.0%

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*	29	$24.3M	$838K	1	665
FY2025	33	$23.3M	$707K	0	620
FY2024	20	$10.8M	$538K	0	424
FY2023	32	$17.7M	$552K	0	1,059
FY2022	45	$19.5M	$433K	1	1,204
FY2021	78	$31.9M	$409K	1	1,924
FY2020	35	$13.7M	$391K	0	688
FY2019	33	$10.7M	$324K	0	556
FY2018	29	$8.8M	$304K	0	420
FY2017	1	—	—	0	25
FY2016	0	—	—	0	0

SBA's franchise field lists the brand as "Jersey Mike’s Subs; Jersey Mike’s". Codes SBA has used for the same brand name are added together.

Charge-off cohort rate

Jersey Mike’s Subs franchises1.2%

All SBA 7(a) and 504 loans6.0%

Share of disbursed loans approved FY2010–FY2021 that SBA records as charged off. A brand's rate reflects when and where its franchise owners borrowed and how much, as well as the brand.

Loans approved FY2010–FY2021	Jersey Mike’s Subs	All SBA loans
Approvals in these years	176	725,496
Cancelled or never disbursed	15	91,827
Disbursed loans	161	633,669
Paid in full	106	471,304
Charged off	2	37,796
Still outstanding (status exempt from disclosure)	53	124,569
Charged off, share of disbursed loans	1.2%	6.0%
Dollars charged off, share of disbursed dollars	0.5%	2.2%
Dollars charged off	$300K	$6.20bn

Lenders

#	Lender, FY2021–FY2025	Approvals	Dollars	Share
1	Live Oak Banking CompanyWilmington, NC	33	$16.1M	15.9%
2	The Huntington National BankColumbus, OH	18	$7.7M	8.7%
3	Citizens BankElizabethton, TN	16	$7.1M	7.7%
4	United Community BankGreenville, SC	15	$8.4M	7.2%
5	Meridian BankMalvern, PA	7	$3.0M	3.4%
6	Navigant CUSmithfield, RI	7	$2.6M	3.4%
7	Frandsen Bank and TrustArden Hills, MN	6	$3.9M	2.9%
8	SouthState Bank, National AssociationWinter Haven, FL	5	$3.5M	2.4%
9	Manufacturers and Traders Trust CompanyBuffalo, NY	5	$2.2M	2.4%
10	Consumers National BankMinerva, OH	4	$1.9M	1.9%
11	Wells Fargo Bank National AssociationSioux Falls, SD	4	$1.7M	1.9%
12	Midland States BankEffingham, IL	4	$1.2M	1.9%
13	First Merchants BankIndianapolis, IN	3	$2.1M	1.4%
14	Happen BankLehi, UT	3	$1.5M	1.4%
15	First United Bank and Trust CompanyDurant, OK	3	$1.5M	1.4%

States

#	State of the business, FY2021–FY2025	Approvals	Share
1	Texas	33	15.9%
2	Illinois	17	8.2%
3	California	15	7.2%
4	Florida	12	5.8%
5	Missouri	11	5.3%
6	Ohio	10	4.8%
7	Massachusetts	9	4.3%
8	New York	7	3.4%
9	Michigan	7	3.4%
10	Colorado	6	2.9%
11	Minnesota	6	2.9%
12	Washington	6	2.9%
13	Georgia	6	2.9%
14	Maryland	6	2.9%
15	Rhode Island	5	2.4%

Filed under

#	Industry group	Approvals	Share
1	Restaurants and Other Eating PlacesNAICS 7225	207	99.5%
2	Specialty Food StoresNAICS 4452	1	0.5%

Approval sizes

$50,000 or less5.8%12
$50,001 to $150,0001.0%2
$150,001 to $350,00021.2%44
$350,001 to $1 million68.8%143
$1 million to $2 million1.4%3
Over $2 million1.9%4

Age of the businesses

Existing, more than 2 years old17.3%36
New business, 2 years or less12.5%26
Startup, loan funds will open the business65.9%137
Change of ownership4.3%9

Questions and answers

How many SBA loans go to Jersey Mike’s Subs franchises?

335 approvals since FY2017, worth $161M; 208 in FY2021 to FY2025.

Which lenders make SBA loans for Jersey Mike’s Subs franchises?

By approvals in FY2021 to FY2025: Live Oak Banking Company (33), The Huntington National Bank (18), Citizens Bank (16), United Community Bank (15), Meridian Bank (7).

How large is a typical SBA loan for a Jersey Mike’s Subs franchise?

The average approval in FY2021 to FY2025 was $496K.

What share of Jersey Mike’s Subs SBA loans are charged off?

Of 161 disbursed loans approved in FY2010 to FY2021, 2 (1.2%) are recorded as charged off; for all SBA loans from those years the figure is 6.0%.

Are SBA loans to Jersey Mike’s Subs franchises rising?

Approvals in the three latest complete fiscal years total 85, against 158 in the three before: falling (-46%).

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