Franchise brands › Subway
Franchise brand1,286 approvals since FY2010
SBA loans to Subway 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 1,286 loan approvals since FY2010 under the Subway franchise brand, worth $375M; 277 of them came in FY2021 to FY2025.
In FY2025 there were 45, about level with FY2024. The average approval in the five-year window was $368K, and 17 of the approvals were 504 loans.
34 lenders made the FY2021 to FY2025 loans across 42 states; the most active were The Huntington National Bank (39), Manufacturers and Traders Trust Company (13) and Merchants Bank of Indiana (9).
Of loans approved in FY2010 to FY2021 and disbursed, SBA records 8.3% as charged off, above 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* | 40 | $17.8M | $446K | 1 | 1,271 |
| FY2025 | 45 | $16.0M | $356K | 0 | 773 |
| FY2024 | 48 | $13.4M | $279K | 0 | 729 |
| FY2023 | 52 | $19.6M | $376K | 3 | 677 |
| FY2022 | 56 | $25.0M | $446K | 2 | 960 |
| FY2021 | 76 | $28.1M | $370K | 12 | 1,282 |
| FY2020 | 77 | $14.3M | $185K | 0 | 887 |
| FY2019 | 119 | $36.7M | $309K | 1 | 1,961 |
| FY2018 | 137 | $38.0M | $277K | 3 | 1,994 |
| FY2017 | 97 | $21.3M | $219K | 0 | 932 |
| FY2016 | 133 | $41.1M | $309K | 4 | 1,328 |
SBA's franchise field lists the brand as "SUBWAY"; "Subway". Codes SBA has used for the same brand name are added together.
Charge-off cohort rate
| Loans approved FY2010–FY2021 | Subway | All SBA loans |
|---|---|---|
| Approvals in these years | 1,045 | 725,496 |
| Cancelled or never disbursed | 156 | 91,827 |
| Disbursed loans | 889 | 633,669 |
| Paid in full | 670 | 471,304 |
| Charged off | 74 | 37,796 |
| Still outstanding (status exempt from disclosure) | 145 | 124,569 |
| Charged off, share of disbursed loans | 8.3% | 6.0% |
| Dollars charged off, share of disbursed dollars | 5.0% | 2.2% |
| Dollars charged off | $12.0M | $6.20bn |
Lenders
| # | Lender, FY2021–FY2025 | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 39 | $6.9M | 14.1% | |
| 2 | Manufacturers and Traders Trust CompanyBuffalo, NY | 13 | $1.3M | 4.7% | |
| 3 | Merchants Bank of IndianaCarmel, IN | 9 | $4.6M | 3.2% | |
| 4 | Rural Missouri, Inc.Jefferson City, MO · CDC | 8 | $1.6M | 2.9% | |
| 5 | Readycap Lending, LLCBerkeley Heights, NJ | 7 | $2.8M | 2.5% | |
| 6 | U.S. Bank, National AssociationCincinnati, OH | 6 | $1.3M | 2.2% | |
| 7 | Horizon BankMichigan City, IN | 5 | $2.7M | 1.8% | |
| 8 | Celtic Bank CorporationSalt Lake City, UT | 5 | $2.4M | 1.8% | |
| 9 | Northwest BankWarren, PA | 5 | $830K | 1.8% | |
| 10 | Centerstone SBA Lending, Inc.Los Angeles, CA | 4 | $2.0M | 1.4% | |
| 11 | Banner BankWalla Walla, WA | 4 | $1.5M | 1.4% | |
| 12 | Newtek Small Business Finance, Inc.Lake Success, NY | 4 | $1.5M | 1.4% | |
| 13 | ESL FCURochester, NY | 4 | $298K | 1.4% | |
| 14 | Oconee State BankWatkinsville, GA | 3 | $3.9M | 1.1% | |
| 15 | BankVistaSartell, MN | 3 | $2.3M | 1.1% |
States
| # | State of the business, FY2021–FY2025 | Approvals | Share | |
|---|---|---|---|---|
| 1 | Ohio | 34 | 12.3% | |
| 2 | Indiana | 23 | 8.3% | |
| 3 | Illinois | 19 | 6.9% | |
| 4 | Minnesota | 14 | 5.1% | |
| 5 | California | 14 | 5.1% | |
| 6 | New York | 13 | 4.7% | |
| 7 | Michigan | 12 | 4.3% | |
| 8 | Pennsylvania | 11 | 4.0% | |
| 9 | Kentucky | 10 | 3.6% | |
| 10 | Washington | 10 | 3.6% | |
| 11 | Missouri | 9 | 3.2% | |
| 12 | Maryland | 8 | 2.9% | |
| 13 | South Carolina | 7 | 2.5% | |
| 14 | Georgia | 7 | 2.5% | |
| 15 | Texas | 6 | 2.2% |
Filed under
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 267 | 96.4% | |
| 2 | Gasoline StationsNAICS 4471 | 4 | 1.4% | |
| 3 | Specialty Food StoresNAICS 4452 | 2 | 0.7% | |
| 4 | Limited-Service Eating PlacesNAICS 7222 | 2 | 0.7% | |
| 5 | General Freight TruckingNAICS 4841 | 1 | 0.4% |
Approval sizes
- $50,000 or less16.6%46
- $50,001 to $150,00019.1%53
- $150,001 to $350,00033.6%93
- $350,001 to $1 million23.8%66
- $1 million to $2 million5.4%15
- Over $2 million1.4%4
Age of the businesses
- Existing, more than 2 years old37.5%104
- New business, 2 years or less17.7%49
- Startup, loan funds will open the business12.3%34
- Change of ownership32.5%90
Questions and answers
How many SBA loans go to Subway franchises?
1,286 approvals since FY2010, worth $375M; 277 in FY2021 to FY2025.
Which lenders make SBA loans for Subway franchises?
By approvals in FY2021 to FY2025: The Huntington National Bank (39), Manufacturers and Traders Trust Company (13), Merchants Bank of Indiana (9), Rural Missouri, Inc. (8), Readycap Lending, LLC (7).
How large is a typical SBA loan for a Subway franchise?
The average approval in FY2021 to FY2025 was $368K.
What share of Subway SBA loans are charged off?
Of 889 disbursed loans approved in FY2010 to FY2021, 74 (8.3%) are recorded as charged off; for all SBA loans from those years the figure is 6.0%.
Are SBA loans to Subway franchises rising?
Approvals in the three latest complete fiscal years total 145, against 209 in the three before: falling (-31%).
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