SBA 7(a)/504 FOIA · FY1991–PRESENT · INDIANA
Subway franchise in Indiana: what the public record shows
Franchisees of Subway in Indiana have taken 238 SBA loans since 1991 (average $245,340), and of the 191 loans whose story has ended, 3.1% were charged off — versus 6.8% for Subway nationally and 14.8% across all rateable franchise brands. Its latest FDD Item 20 state table reports 535 franchised outlets in Indiana (fiscal 2025) — about 7.73 per 100k residents.
Loans in IN
238
Resolved
191
Local charge-off
3.1%
National charge-off
6.8%
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.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 546 | 0 |
| 2024 | 540 | 0 |
| 2025 | 535 | 0 |
| System | Loans in IN | Local charge-off | Units in IN |
|---|---|---|---|
| DAIRY QUEEN | 142 | 1.9% | — |
| WINGS ETC. | 45 | 6.7% | 23 |
| MASSAGE ENVY | 21 | 0.0% | 20 |
| BIG O TIRES | 20 | thin | 21 |
| Sport Clips | 19 | 42.9% | 40 |
| Fastsigns | 16 | thin | — |
| Matco Tools | 15 | 46.2% | — |
| PITA PIT | 13 | thin | 3 |
| Allstate Insurance | 12 | 0.0% | — |
| Firehouse Subs | 12 | 18.2% | 20 |
| Chrysler | 11 | thin | — |
| WaterStation | 11 | thin | — |
Same sector, same state, same public records — how Subway compares to the systems a buyer in Indiana would actually be choosing between. Local rates under 10 resolved loans are marked thin, not hidden.
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