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 since 1991 (average $181,069), and of the 100 loans whose story has ended, 1.0% 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 597 franchised outlets in North Carolina (fiscal 2025) — about 5.4 per 100k residents.
Loans in NC
126
Resolved
100
Local charge-off
1.0%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = NC. 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 | 653 | 0 |
| 2024 | 631 | 0 |
| 2025 | 597 | 0 |
| System | Loans in NC | Local charge-off | Units in NC |
|---|---|---|---|
| QUALITY INN | 89 | 2.0% | 73 |
| JERSEY MIKE'S | 43 | 11.4% | 222 |
| ECONO LODGE | 38 | 0.0% | 33 |
| DAIRY QUEEN | 31 | 4.0% | — |
| HOTWORX | 27 | thin | 29 |
| SLEEP INN | 26 | 0.0% | 27 |
| Matco Tools | 22 | 28.6% | — |
| MASSAGE ENVY | 19 | 18.8% | 42 |
| RODEWAY INN | 19 | 0.0% | 17 |
| Sport Clips | 16 | 0.0% | 59 |
| Fastsigns | 15 | thin | — |
| EDIBLE ARRANGEMENTS | 14 | thin | 16 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in North Carolina 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. I'm paid by you — and the job is pressure-testing Subway's numbers, including talking you out of a bad deal.