SBA 7(a)/504 FOIA · FY1991–PRESENT · RHODE ISLAND
Subway franchise in Rhode Island: what the public record shows
Franchisees of Subway in Rhode Island have taken 61 SBA loans in the FY1991–present FOIA files (average $105,551). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 3 charge-offs among 56 resolved loans, where about 8.8 would be expected (0.3×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 50 franchised outlets in Rhode Island (fiscal 2025) — about 4.5 per 100k residents.
Loans in RI
61
Charged off (all years)
3 of 57
Loss ratio in RI
0.3×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = RI. 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
2,555
statewide, all operators
Per 100k residents
229.7
national 179.9
Versus the country
+28%
denser
Every business in Subway's industry operating in Rhode Island — 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
$568
Rhode Island, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
+6%
costlier to staff
What Subway's industry actually pays workers in Rhode Island, 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 | 55 | 0 |
| 2024 | 50 | 0 |
| 2025 | 50 | 0 |
| System | Loans in RI | Charged off (all years) | Loss ratio in RI | Units in RI |
|---|---|---|---|---|
| Honey Dew Donuts | 18 | 3 of 15 | — | — |
| Domino's Pizza | 10 | 0 of 9 | — | — |
| Dunkin' | 8 | 0 of 6 | — | — |
| Blimpie | 7 | 1 of 6 | — | — |
| Sonic Drive-In | 6 | — | — | — |
| JERSEY MIKE'S | 5 | — | — | 15 |
| Quiznos | 5 | 3 of 5 | — | — |
| Saladworks | 5 | 0 of 1 | — | — |
| Tropical Smoothie Cafe | 5 | 0 of 2 | — | 7 |
Other systems in Subway's sector whose franchisees borrowed in Rhode Island. 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.