SBA 7(a)/504 FOIA · FY1991–PRESENT · NEVADA
CODE NINJAS franchise in Nevada: what the public record shows
Franchisees of CODE NINJAS in Nevada have taken 5 SBA loans since 1991 (average $215,840)— too few resolved loans in-state to publish a local failure rate (we require a resolved cohort, never extrapolate), so the brand's national rate of 16.7% is the better guide. Its latest FDD Item 20 state table reports 3 franchised outlets in Nevada (fiscal 2025) — about 0.09 per 100k residents.
Loans in NV
5
Resolved
2
Local charge-off
thin
National charge-off
16.7%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = NV. Charge-off rate = charged-off ÷ (charged-off + paid-in-full); open loans excluded. A local rate is published only when the resolved cohort clears our floor of 30 loans.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 3 | — |
| 2024 | 3 | — |
| 2025 | 3 | — |
| System | Loans in NV | Local charge-off | Units in NV |
|---|---|---|---|
| Subway | 37 | 7.4% | 164 |
| DAIRY QUEEN | 32 | 22.2% | — |
| BIG O TIRES | 15 | 20.0% | 17 |
| Firehouse Subs | 12 | thin | 12 |
| POSTNET | 12 | 10.0% | 11 |
| Allstate Insurance | 9 | thin | — |
| MASSAGE ENVY | 8 | thin | 16 |
| PETLAND | 7 | thin | 2 |
| HOTWORX | 6 | thin | 10 |
| Fastsigns | 5 | thin | — |
| Matco Tools | 5 | thin | — |
| RODEWAY INN | 5 | thin | 4 |
Same sector, same state, same public records — how CODE NINJAS compares to the systems a buyer in Nevada would actually be choosing between. Local rates under 10 resolved loans are marked thin, not hidden.
A broker is paid by the franchisor to place you. An independent CPA is paid by you — and the job is pressure-testing CODE NINJAS's numbers, including talking you out of a bad deal.
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