SBA 7(a)/504 FOIA · FY1991–PRESENT · MICHIGAN
Culver's franchise in Michigan: what the public record shows
Franchisees of Culver's in Michigan have taken 89 SBA loans in the FY1991–present FOIA files (average $986,679). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 2 charge-offs among 49 resolved loans, where about 8.7 would be expected (0.2×). Culver's's national ratio is 0.2×.
Loans in MI
89
Charged off (all years)
2 of 51
Loss ratio in MI
0.2×
Loss ratio nationally
0.2×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MI. Loss ratio = charge-offs among loans approved through FY2020 ÷ the charge-offs expected if each had defaulted at the national rate for franchise loans approved the same year; 1.0× is the same. Only charged-off and paid-in-full loans count. A ratio is shown at 30+ such loans; “not clear” marks a ratio chance alone could produce. The all-years count mixes every era and is evidence, not a rate to compare. Borrowers are matched to the brand by name and SBA franchise code; some matches may be wrong or missing.
Businesses in this industry
16,801
statewide, all operators
Per 100k residents
165.7
national 179.9
Versus the country
-8%
thinner
Every business in Culver's's industry operating in Michigan — franchised and independent — from the Census Bureau's County Business Patterns (2023), against 2024 population estimates. Counter-intuitively, density is not a warning: across the brand-state cells in the loan data, denser markets have historically charged off less often than the thinnest (see the research page). A crowded market is usually proven demand; an empty one is often empty for a reason.
Avg weekly wage, this industry
$473
Michigan, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-12%
cheaper to staff
What Culver's's industry actually pays workers in Michigan, from the Bureau of Labor Statistics' Quarterly Census of Employment and Wages (2025), employment-weighted across counties. This cost signal is independent of the FDD: a market can look demand-rich above and still carry a margin headwind here if local wages run hot for the sector.
| System | Loans in MI | Charged off (all years) | Loss ratio in MI | Units in MI |
|---|---|---|---|---|
| Subway | 184 | 9 of 141 | 0.4× | 677 |
| Biggby Coffee | 150 | 2 of 71 | 0.3× | — |
| Little Caesars | 80 | 2 of 53 | 0.3×NOT CLEAR | — |
| Jimmy John's | 72 | 0 of 43 | 0× | — |
| Jets Pizza | 71 | 0 of 56 | 0× | — |
| Quiznos | 71 | 13 of 63 | 1.0×NOT CLEAR | — |
| DAIRY QUEEN | 56 | 2 of 29 | — | — |
| Tropical Smoothie Cafe | 42 | 0 of 33 | 0× | 124 |
| BIG BOY | 38 | 3 of 35 | 0.5×NOT CLEAR | — |
| Hungry Howie'S | 31 | 1 of 17 | — | — |
| Arby's | 28 | 2 of 18 | — | — |
| Domino's Pizza | 28 | 2 of 18 | — | — |
Other systems in Culver's's sector whose franchisees borrowed in Michigan. A loss ratio appears only where at least 30 loans approved through FY2020 have resolved; “—” means too few.
A broker is usually paid by the franchisor to place you. I'm paid only by you, never by a franchisor you're considering — and the job is pressure-testing Culver's numbers, including talking you out of a bad deal.