SBA 7(a)/504 FOIA · FY1991–PRESENT · MARYLAND
Subway franchise in Maryland: what the public record shows
Franchisees of Subway in Maryland have taken 108 SBA loans since 1991 (average $193,483), and of the 82 loans whose story has ended, 11.0% 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 355 franchised outlets in Maryland (fiscal 2025) — about 5.67 per 100k residents.
Loans in MD
108
Resolved
82
Local charge-off
11.0%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MD. 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 | 379 | 0 |
| 2024 | 366 | 0 |
| 2025 | 355 | 0 |
| System | Loans in MD | Local charge-off | Units in MD |
|---|---|---|---|
| MASSAGE ENVY | 16 | 10.0% | 23 |
| EDIBLE ARRANGEMENTS | 15 | 15.4% | 22 |
| DAIRY QUEEN | 14 | 0.0% | — |
| Matco Tools | 14 | 25.0% | — |
| Sport Clips | 14 | thin | 38 |
| CERTA PROPAINTERS | 12 | thin | 11 |
| SERVICEMASTER RESTORE | 11 | thin | 51 |
| Home Instead | 9 | thin | 10 |
| Fastsigns | 8 | thin | — |
| PRECISION TUNE FRANCHISE AGREEMENT | 8 | thin | 15 |
| Budget Blinds | 7 | thin | — |
| Chesapeake Bagel Bakery | 7 | thin | — |
Same sector, same state, same public records — how Subway compares to the systems a buyer in Maryland 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. An independent CPA is paid by you — and the job is pressure-testing Subway's numbers, including talking you out of a bad deal.
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