SBA 7(a)/504 FOIA · FY1991–PRESENT · MONTANA
Subway franchise in Montana: what the public record shows
Franchisees of Subway in Montana have taken 50 SBA loans in the FY1991–present FOIA files (average $189,048). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 1 charge-offs among 44 resolved loans, where about 6.7 would be expected (0.1×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 64 franchised outlets in Montana (fiscal 2025) — about 5.63 per 100k residents.
Loans in MT
50
Charged off (all years)
1 of 44
Loss ratio in MT
0.1×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MT. 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
2,228
statewide, all operators
Per 100k residents
195.9
national 179.9
Versus the country
+9%
denser
Every business in Subway's industry operating in Montana — 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
$501
Montana, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-7%
cheaper to staff
What Subway's industry actually pays workers in Montana, 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 | 70 | 0 |
| 2024 | 67 | 0 |
| 2025 | 64 | 0 |
| System | Loans in MT | Charged off (all years) | Loss ratio in MT | Units in MT |
|---|---|---|---|---|
| DAIRY QUEEN | 22 | 0 of 15 | — | — |
| Papa Murphy'S | 14 | 0 of 13 | — | — |
| Domino's Pizza | 11 | 0 of 8 | — | — |
| TACO JOHN'S | 11 | 1 of 8 | — | 18 |
| Cold Stone Creamery | 8 | 1 of 3 | — | — |
| Firehouse Subs | 8 | 3 of 4 | — | 1 |
| GREAT HARVEST BREAD CO. | 8 | 0 of 6 | — | — |
| Fuddruckers | 7 | 0 of 3 | — | — |
| Kentucky Fried Chicken | 7 | 0 of 6 | — | — |
| JERSEY MIKE'S | 6 | 0 of 1 | — | 11 |
| Little Caesars | 5 | 0 of 4 | — | — |
| Sizzler Family Steakhouse | 5 | 1 of 2 | — | — |
Other systems in Subway's sector whose franchisees borrowed in Montana. 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.