SBA 7(a)/504 FOIA · FY1991–PRESENT · NEW JERSEY
Subway franchise in New Jersey: what the public record shows
Franchisees of Subway in New Jersey have taken 188 SBA loans since 1991 (average $158,378), and of the 146 loans whose story has ended, 17.1% 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 140 franchised outlets in New Jersey (fiscal 2025) — about 1.47 per 100k residents.
Loans in NJ
188
Resolved
146
Local charge-off
17.1%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = NJ. 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 | 155 | 0 |
| 2024 | 150 | 0 |
| 2025 | 140 | 0 |
| System | Loans in NJ | Local charge-off | Units in NJ |
|---|---|---|---|
| Matco Tools | 32 | 21.9% | — |
| DAIRY QUEEN | 28 | 15.0% | — |
| EDIBLE ARRANGEMENTS | 26 | 14.3% | 43 |
| Fastsigns | 19 | 8.3% | — |
| Alphagraphics, Printshops of the Futu | 14 | 9.1% | — |
| Sir Speedy Printing | 14 | thin | 4 |
| MASSAGE ENVY | 13 | 9.1% | 38 |
| CODE NINJAS | 11 | thin | 17 |
| JERSEY MIKE'S | 11 | thin | 140 |
| Budget Blinds | 10 | thin | — |
| Firehouse Subs | 10 | thin | 6 |
| Management Recruiters, Sales Consultants | 10 | thin | 30 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in New Jersey 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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