SBA 7(a)/504 FOIA · FY1991–PRESENT · PUERTO RICO
Subway franchise in Puerto Rico: what the public record shows
Franchisees of Subway in Puerto Rico have taken 96 SBA loans in the FY1991–present FOIA files (average $172,046). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 4 charge-offs among 87 resolved loans, where about 16 would be expected (0.2×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 159 franchised outlets in Puerto Rico (fiscal 2025) — about 4.96 per 100k residents.
Loans in PR
96
Charged off (all years)
4 of 87
Loss ratio in PR
0.2×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = PR. 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.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2023 | 158 | 0 |
| 2024 | 158 | 0 |
| 2025 | 159 | 0 |
| System | Loans in PR | Charged off (all years) | Loss ratio in PR | Units in PR |
|---|---|---|---|---|
| Taco Maker | 59 | 10 of 42 | 1.3×NOT CLEAR | — |
| Marco's Pizza | 34 | 0 of 12 | — | — |
| Quiznos | 29 | 4 of 20 | — | — |
| Carvel Ice Cream | 14 | 4 of 11 | — | — |
| Cold Stone Creamery | 10 | 0 of 8 | — | — |
| Blimpie | 7 | 3 of 6 | — | — |
| Arby's | 6 | — | — | — |
| Checkers Drive-in Restaurant | 5 | 0 of 5 | — | — |
Other systems in Subway's sector whose franchisees borrowed in Puerto Rico. A loss ratio appears only where at least 30 loans approved through FY2020 have resolved; “—” means too few.
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