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 in the FY1991–present FOIA files (average $193,483). Those approved through FY2020 defaulted at a rate not clearly different from franchise loans made in the same years nationally: 9 charge-offs among 82 resolved loans, where about 14 would be expected (0.6×). Subway's national ratio is 0.4×. 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
Charged off (all years)
9 of 82
Loss ratio in MD (not clear)
0.6×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MD. 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
10,364
statewide, all operators
Per 100k residents
165.5
national 179.9
Versus the country
-8%
thinner
Every business in Subway's industry operating in Maryland — 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
$541
Maryland, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
+1%
costlier to staff
What Subway's industry actually pays workers in Maryland, 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 | 379 | 0 |
| 2024 | 366 | 0 |
| 2025 | 355 | 0 |
| System | Loans in MD | Charged off (all years) | Loss ratio in MD | Units in MD |
|---|---|---|---|---|
| Quiznos | 58 | 5 of 48 | 0.5× | — |
| Dunkin' | 47 | 4 of 34 | 0.7×NOT CLEAR | — |
| Cold Stone Creamery | 31 | 10 of 22 | — | — |
| Smoothie King | 26 | 4 of 22 | — | — |
| IHOP | 25 | 0 of 19 | — | 52 |
| Jerry'S Sub Shop | 25 | 6 of 22 | — | — |
| Tropical Smoothie Cafe | 24 | 0 of 8 | — | 70 |
| Rita'S Real Italian Water Ice | 21 | 1 of 15 | — | — |
| Auntie Anne'S | 16 | 3 of 12 | — | — |
| Domino's Pizza | 16 | 0 of 11 | — | — |
| RITA'S ICE-CUSTARD-HAPPINESS | 16 | 0 of 9 | — | — |
| EDIBLE ARRANGEMENTS | 15 | 2 of 13 | — | 22 |
Other systems in Subway's sector whose franchisees borrowed in Maryland. 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.