Franchise brands › Plato's Closet
Franchise brand173 approvals since FY2010
SBA loans to Plato's Closet 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 173 loan approvals since FY2010 under the Plato's Closet franchise brand, worth $56.4M; 42 of them came in FY2021 to FY2025.
In FY2025 there were 6. The average approval in the five-year window was $547K, and 1 of the approvals were 504 loans.
26 lenders made the FY2021 to FY2025 loans across 23 states; the most active were The Huntington National Bank (6), Pinnacle Bank (4) and Live Oak Banking Company (3).
Of loans approved in FY2010 to FY2021 and disbursed, SBA records 0.9% 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* | 5 | $3.1M | $623K | 0 | 111 |
| FY2025 | 6 | $4.7M | $791K | 1 | 145 |
| FY2024 | 4 | $1.8M | $451K | 0 | 52 |
| FY2023 | 14 | $9.6M | $685K | 0 | 317 |
| FY2022 | 10 | $4.2M | $424K | 0 | 297 |
| FY2021 | 8 | $2.6M | $326K | 0 | 151 |
| FY2020 | 6 | $2.3M | $389K | 1 | 88 |
| FY2019 | 8 | $2.4M | $296K | 1 | 58 |
| FY2018 | 10 | $2.6M | $257K | 0 | 141 |
| FY2017 | 11 | $2.9M | $262K | 1 | 92 |
| FY2016 | 10 | $2.3M | $229K | 0 | 157 |
SBA's franchise field lists the brand as "PLATO'S CLOSET"; "Plato's Closet". Codes SBA has used for the same brand name are added together.
Charge-off cohort rate
| Loans approved FY2010–FY2021 | Plato's Closet | All SBA loans |
|---|---|---|
| Approvals in these years | 134 | 725,496 |
| Cancelled or never disbursed | 25 | 91,827 |
| Disbursed loans | 109 | 633,669 |
| Paid in full | 88 | 471,304 |
| Charged off | 1 | 37,796 |
| Still outstanding (status exempt from disclosure) | 20 | 124,569 |
| Charged off, share of disbursed loans | 0.9% | 6.0% |
| Dollars charged off, share of disbursed dollars | 0.1% | 2.2% |
| Dollars charged off | $18K | $6.20bn |
Lenders
| # | Lender, FY2021–FY2025 | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 6 | $2.0M | 14.3% | |
| 2 | Pinnacle BankNashville, TN | 4 | $3.5M | 9.5% | |
| 3 | Live Oak Banking CompanyWilmington, NC | 3 | $2.0M | 7.1% | |
| 4 | Regions BankBirmingham, AL | 2 | — | 4.8% | |
| 5 | Citizens BankElizabethton, TN | 2 | — | 4.8% | |
| 6 | Glacier BankKalispell, MT | 2 | — | 4.8% | |
| 7 | United Community BankGreenville, SC | 2 | — | 4.8% | |
| 8 | Florida First Capital Finance Corporation, Inc.Tallahassee, FL · CDC | 1 | — | 2.4% | |
| 9 | KeyBank National AssociationCleveland, OH | 1 | — | 2.4% | |
| 10 | The First Bank and Trust CompanyLebanon, VA | 1 | — | 2.4% | |
| 11 | Wells Fargo Bank National AssociationSioux Falls, SD | 1 | — | 2.4% | |
| 12 | Grasshopper Bank National AssociationNew York, NY | 1 | — | 2.4% | |
| 13 | First Internet Bank of IndianaFishers, IN | 1 | — | 2.4% | |
| 14 | HomeTrust BankAsheville, NC | 1 | — | 2.4% | |
| 15 | River City BankRome, GA | 1 | — | 2.4% |
States
| # | State of the business, FY2021–FY2025 | Approvals | Share | |
|---|---|---|---|---|
| 1 | Texas | 6 | 14.3% | |
| 2 | Georgia | 3 | 7.1% | |
| 3 | North Carolina | 3 | 7.1% | |
| 4 | South Carolina | 3 | 7.1% | |
| 5 | Virginia | 2 | 4.8% | |
| 6 | Florida | 2 | 4.8% | |
| 7 | Tennessee | 2 | 4.8% | |
| 8 | California | 2 | 4.8% | |
| 9 | New York | 2 | 4.8% | |
| 10 | Michigan | 2 | 4.8% | |
| 11 | Utah | 2 | 4.8% | |
| 12 | Nevada | 2 | 4.8% | |
| 13 | Nebraska | 1 | 2.4% | |
| 14 | Arkansas | 1 | 2.4% | |
| 15 | Washington | 1 | 2.4% |
Filed under
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Used Merchandise RetailersNAICS 4595 | 15 | 35.7% | |
| 2 | Clothing and Clothing Accessories RetailersNAICS 4581 | 13 | 31.0% | |
| 3 | Clothing StoresNAICS 4481 | 6 | 14.3% | |
| 4 | Used Merchandise StoresNAICS 4533 | 6 | 14.3% | |
| 5 | Restaurants and Other Eating PlacesNAICS 7225 | 1 | 2.4% |
Approval sizes
- $50,000 or less7.1%3
- $50,001 to $150,0004.8%2
- $150,001 to $350,00019.0%8
- $350,001 to $1 million61.9%26
- $1 million to $2 million4.8%2
- Over $2 million2.4%1
Age of the businesses
- Existing, more than 2 years old16.7%7
- New business, 2 years or less26.2%11
- Startup, loan funds will open the business23.8%10
- Change of ownership33.3%14
Questions and answers
How many SBA loans go to Plato's Closet franchises?
173 approvals since FY2010, worth $56.4M; 42 in FY2021 to FY2025.
Which lenders make SBA loans for Plato's Closet franchises?
By approvals in FY2021 to FY2025: The Huntington National Bank (6), Pinnacle Bank (4), Live Oak Banking Company (3), Regions Bank (2), Citizens Bank (2).
How large is a typical SBA loan for a Plato's Closet franchise?
The average approval in FY2021 to FY2025 was $547K.
What share of Plato's Closet SBA loans are charged off?
Of 109 disbursed loans approved in FY2010 to FY2021, 1 (0.9%) are recorded as charged off; for all SBA loans from those years the figure is 6.0%.
Are SBA loans to Plato's Closet franchises rising?
Approvals in the three latest complete fiscal years total 24, against 24 in the three before: broadly level (0%).
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