SBA 7(a)/504 FOIA · FY1991–PRESENT · ILLINOIS
Subway franchise in Illinois: what the public record shows
Franchisees of Subway in Illinois have taken 303 SBA loans in the FY1991–present FOIA files (average $185,486). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 21 charge-offs among 232 resolved loans, where about 38 would be expected (0.6×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 811 franchised outlets in Illinois (fiscal 2025) — about 6.38 per 100k residents.
Loans in IL
303
Charged off (all years)
21 of 236
Loss ratio in IL
0.6×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = IL. 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
23,167
statewide, all operators
Per 100k residents
182.3
national 179.9
Versus the country
+1%
denser
Every business in Subway's industry operating in Illinois — 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
$555
Illinois, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
+3%
costlier to staff
What Subway's industry actually pays workers in Illinois, 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 | 879 | 0 |
| 2024 | 851 | 0 |
| 2025 | 811 | 0 |
| System | Loans in IL | Charged off (all years) | Loss ratio in IL | Units in IL |
|---|---|---|---|---|
| Culver's | 139 | 2 of 86 | 0.2× | — |
| Quiznos | 130 | 31 of 102 | 1.4× | — |
| DAIRY QUEEN | 129 | 13 of 81 | 1.0×NOT CLEAR | — |
| Dunkin' | 116 | 2 of 80 | 0.08× | — |
| Jimmy John's | 92 | 2 of 74 | 0.2× | — |
| Domino's Pizza | 47 | 4 of 34 | 0.7×NOT CLEAR | — |
| Cold Stone Creamery | 43 | 14 of 33 | 1.6×NOT CLEAR | — |
| Rosati'S Pizza | 36 | 1 of 21 | — | — |
| JERSEY MIKE'S | 34 | 0 of 17 | — | 106 |
| Little Caesars | 30 | 0 of 25 | — | — |
| Popeyes Louisiana Kitchen | 30 | 1 of 20 | — | — |
| SCOOTER'S COFFEE | 30 | 0 of 5 | — | 48 |
Other systems in Subway's sector whose franchisees borrowed in Illinois. 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.