SBA 7(a)/504 FOIA · FY1991–PRESENT · MICHIGAN
Subway franchise in Michigan: what the public record shows
Franchisees of Subway in Michigan have taken 184 SBA loans since 1991 (average $236,605), and of the 141 loans whose story has ended, 6.4% 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 677 franchised outlets in Michigan (fiscal 2025) — about 6.68 per 100k residents.
Loans in MI
184
Resolved
141
Local charge-off
6.4%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MI. 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 | 720 | 0 |
| 2024 | 699 | 0 |
| 2025 | 677 | 0 |
| System | Loans in MI | Local charge-off | Units in MI |
|---|---|---|---|
| DAIRY QUEEN | 56 | 6.9% | — |
| BIG BOY | 38 | 8.6% | — |
| Two Men and a Truck | 35 | 12.5% | — |
| Matco Tools | 30 | 50.0% | — |
| Firehouse Subs | 25 | 11.8% | 23 |
| KILWINS | 25 | 0.0% | 21 |
| EDIBLE ARRANGEMENTS | 15 | 8.3% | 17 |
| Budget Blinds | 12 | thin | — |
| Home Instead | 12 | thin | 11 |
| Wireless Toyz | 12 | thin | — |
| SERVICEMASTER RESTORE | 11 | thin | 74 |
| Sport Clips | 10 | thin | 18 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in Michigan 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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