SBA 7(a)/504 FOIA · FY1991–PRESENT · NORTH DAKOTA
Subway franchise in North Dakota: what the public record shows
Franchisees of Subway in North Dakota have taken 17 SBA loans since 1991 (average $164,817), and of the 15 loans whose story has ended, 0.0% 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 61 franchised outlets in North Dakota (fiscal 2025) — about 7.66 per 100k residents.
Loans in ND
17
Resolved
15
Local charge-off
0.0%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = ND. 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 | 62 | 0 |
| 2024 | 60 | 0 |
| 2025 | 61 | 0 |
| System | Loans in ND | Local charge-off | Units in ND |
|---|---|---|---|
| DAIRY QUEEN | 26 | 6.7% | 39 |
| SERVICEMASTER RESTORE | 5 | thin | 7 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in North Dakota 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.
Talk to an independent CPA before you buy →