SBA 7(a)/504 FOIA · FY1991–PRESENT · MINNESOTA
Hardee's franchise in Minnesota: what the public record shows
Franchisees of Hardee's in Minnesota have taken 9 SBA loans since 1991 (average $529,666)— too few resolved loans in-state to publish a local failure rate (we require a resolved cohort, never extrapolate), so the brand's national rate of 22.9% is the better guide. Its latest FDD Item 20 state table reports 22 franchised outlets in Minnesota (fiscal 2026) — about 0.38 per 100k residents.
Loans in MN
9
Resolved
8
Local charge-off
thin
National charge-off
22.9%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MN. 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 of 30 loans.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 35 | — |
| 2024 | 34 | — |
| 2024 | 34 | — |
| 2024 | 34 | — |
| 2025 | 33 | — |
| 2025 | 33 | — |
| 2025 | 33 | — |
| 2026 | 22 | — |
| 2026 | 22 | — |
| System | Loans in MN | Local charge-off | Units in MN |
|---|---|---|---|
| DAIRY QUEEN | 143 | 5.3% | — |
| Subway | 108 | 5.3% | 355 |
| Nautical Bowls | 30 | 25.0% | 0 |
| Honest-1 | 23 | 0.0% | 16 |
| Fastsigns | 20 | 11.1% | — |
| PRECISION TUNE FRANCHISE AGREEMENT | 19 | 31.3% | 8 |
| Minuteman Press | 18 | 14.3% | — |
| JERSEY MIKE'S | 16 | thin | 63 |
| SERVICEMASTER RESTORE | 15 | 0.0% | 71 |
| Blimpie | 13 | 10.0% | — |
| ECONO LODGE | 13 | 9.1% | 6 |
| Radioshack | 13 | 18.2% | — |
Same sector, same state, same public records — how Hardee's compares to the systems a buyer in Minnesota 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. I'm paid by you — and the job is pressure-testing Hardee's's numbers, including talking you out of a bad deal.