SBA 7(a)/504 FOIA · FY1991–PRESENT · CALIFORNIA
Subway franchise in California: what the public record shows
Franchisees of Subway in California have taken 573 SBA loans since 1991 (average $222,125), and of the 463 loans whose story has ended, 5.4% were charged off — versus 6.8% for Subway nationally and 14.8% across all rateable franchise brands. Its latest FDD Item 20 state table reports 1,783 franchised outlets in California (fiscal 2025) — about 4.52 per 100k residents.
Loans in CA
573
Resolved
463
Local charge-off
5.4%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = CA. 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.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 1,934 | 0 |
| 2024 | 1,872 | 0 |
| 2025 | 1,783 | 0 |
| System | Loans in CA | Local charge-off | Units in CA |
|---|---|---|---|
| BIG O TIRES | 137 | 17.9% | 90 |
| DENNY'S | 119 | 6.3% | 327 |
| DAIRY QUEEN | 94 | 14.5% | — |
| MASSAGE ENVY | 83 | 11.4% | 126 |
| Minuteman Press | 75 | 10.9% | — |
| CIRCLE K | 73 | 0.0% | 195 |
| Home Instead | 56 | 2.7% | 62 |
| Fastsigns | 50 | 16.1% | — |
| Alphagraphics, Printshops of the Futu | 48 | 26.8% | — |
| SERVICEMASTER RESTORE | 48 | 0.0% | 221 |
| CIRCLE K (STANDARD) | 46 | 9.1% | 7 |
| RODEWAY INN | 43 | 0.0% | 53 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in California 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 Subway's numbers, including talking you out of a bad deal.
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