SBA 7(a)/504 FOIA · FY1991–PRESENT · INDIANA
Penn Station franchise in Indiana: what the public record shows
Franchisees of Penn Station in Indiana have taken 6 SBA loans since 1991 (average $332,500)— 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 1.9% is the better guide.
Loans in IN
6
Resolved
4
Local charge-off
thin
National charge-off
1.9%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = IN. 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.
Businesses in this industry
11,431
statewide, all operators
Per 100k residents
165.1
national 179.9
Versus the country
-8%
thinner
Every business in Penn Station's industry operating in Indiana — franchised and independent — from the Census Bureau's County Business Patterns (2023), against 2024 population estimates. Counter-intuitively, density is not a warning: across 198 brand-state cells in our loan data, the densest quartile charges off at 5.6% versus 18.1% in the thinnest. A crowded market is usually proven demand; an empty one is often empty for a reason.
Avg weekly wage, this industry
$436
Indiana, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-19%
cheaper to staff
What Penn Station's industry actually pays workers in Indiana, from the Bureau of Labor Statistics' Quarterly Census of Employment and Wages (2025), employment-weighted across counties. This is a real cost signal 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 IN | Local charge-off | Units in IN |
|---|---|---|---|
| Jimmy John's | 51 | 0.0% | — |
| Culver's | 49 | 9.4% | — |
| WINGS ETC. | 45 | 6.7% | 23 |
| Quiznos | 41 | 14.3% | — |
| Biggby Coffee | 38 | 0.0% | — |
| Ritter'S Frozen Custard | 36 | 26.9% | — |
| Domino's Pizza | 30 | 4.5% | — |
| Smoothie King | 24 | 0.0% | — |
| Little Caesar Pizza | 16 | 7.1% | — |
| Nothing Bundt Cakes | 16 | thin | — |
| Arby's | 14 | 0.0% | — |
| Cold Stone Creamery | 14 | thin | — |
Same sector, same state, same public records — how Penn Station compares to the systems a buyer in Indiana 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 Penn Station's numbers, including talking you out of a bad deal.