SBA 7(a)/504 FOIA · FY1991–PRESENT · MASSACHUSETTS
Subway franchise in Massachusetts: what the public record shows
Franchisees of Subway in Massachusetts have taken 186 SBA loans since 1991 (average $120,140), and of the 164 loans whose story has ended, 12.2% 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 257 franchised outlets in Massachusetts (fiscal 2025) — about 3.6 per 100k residents.
Loans in MA
186
Resolved
164
Local charge-off
12.2%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MA. 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 | 274 | 0 |
| 2024 | 267 | 0 |
| 2025 | 257 | 0 |
| System | Loans in MA | Local charge-off | Units in MA |
|---|---|---|---|
| EDIBLE ARRANGEMENTS | 26 | 0.0% | 24 |
| Minuteman Press | 24 | 5.0% | — |
| Home Instead | 23 | 0.0% | 17 |
| Signarama | 18 | 18.2% | — |
| CERTA PROPAINTERS | 15 | 18.2% | 13 |
| Taylor Rental Center | 13 | 0.0% | — |
| Right at Home | 12 | 0.0% | 13 |
| DAIRY QUEEN | 11 | thin | — |
| Matco Tools | 11 | thin | — |
| Sport Clips | 11 | 50.0% | 14 |
| Alphagraphics, Printshops of the Futu | 10 | thin | — |
| Budget Blinds | 10 | thin | — |
Same sector, same state, same public records — how Subway compares to the systems a buyer in Massachusetts 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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