SBA 7(a)/504 FOIA · FY1991–PRESENT · HAWAII
Subway franchise in Hawaii: what the public record shows
Franchisees of Subway in Hawaii have taken 39 SBA loans in the FY1991–present FOIA files (average $137,617). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 1 charge-offs among 31 resolved loans, where about 6 would be expected (0.2×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 84 franchised outlets in Hawaii (fiscal 2025) — about 5.81 per 100k residents.
Loans in HI
39
Charged off (all years)
1 of 33
Loss ratio in HI
0.2×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = HI. 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
3,198
statewide, all operators
Per 100k residents
221.1
national 179.9
Versus the country
+23%
denser
Every business in Subway's industry operating in Hawaii — 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
$690
Hawaii, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
+28%
costlier to staff
What Subway's industry actually pays workers in Hawaii, 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.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 87 | 0 |
| 2024 | 86 | 0 |
| 2025 | 84 | 0 |
| System | Loans in HI | Charged off (all years) | Loss ratio in HI | Units in HI |
|---|---|---|---|---|
| Cold Stone Creamery | 9 | 4 of 9 | — | — |
| Baskin-Robbins | 6 | 0 of 5 | — | — |
| PRETZELMAKER | 5 | 0 of 3 | — | — |
Other systems in Subway's sector whose franchisees borrowed in Hawaii. 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 Subway’s numbers, including talking you out of a bad deal.