SBA 7(a)/504 FOIA · FY1991–PRESENT · NORTH CAROLINA
Subway franchise in North Carolina: what the public record shows
Franchisees of Subway in North Carolina have taken 126 SBA loans in the FY1991–present FOIA files (average $181,069). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 1 charge-offs among 100 resolved loans, where about 18 would be expected (0.06×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 597 franchised outlets in North Carolina (fiscal 2025) — about 5.4 per 100k residents.
Loans in NC
126
Charged off (all years)
1 of 100
Loss ratio in NC
0.06×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = NC. 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
19,235
statewide, all operators
Per 100k residents
174.1
national 179.9
Versus the country
-3%
thinner
Every business in Subway's industry operating in North Carolina — 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
$469
North Carolina, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-13%
cheaper to staff
What Subway's industry actually pays workers in North Carolina, 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 | 653 | 0 |
| 2024 | 631 | 0 |
| 2025 | 597 | 0 |
| System | Loans in NC | Charged off (all years) | Loss ratio in NC | Units in NC |
|---|---|---|---|---|
| Quiznos | 61 | 9 of 56 | 0.7×NOT CLEAR | — |
| Zaxby's | 54 | 4 of 39 | 0.8×NOT CLEAR | — |
| JERSEY MIKE'S | 40 | 4 of 34 | 0.7×NOT CLEAR | 222 |
| Domino's Pizza | 34 | 0 of 24 | — | — |
| DAIRY QUEEN | 31 | 1 of 25 | — | — |
| Dunkin' | 31 | 2 of 27 | — | — |
| Firehouse Subs | 30 | 1 of 23 | — | 64 |
| Tropical Smoothie Cafe | 30 | 0 of 13 | — | 81 |
| Culver's | 28 | 0 of 6 | — | — |
| Cicis Pizza | 27 | 4 of 27 | — | — |
| Jimmy John's | 27 | 1 of 19 | — | — |
| Golden Corral | 26 | 3 of 16 | — | — |
Other systems in Subway's sector whose franchisees borrowed in North Carolina. 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.