SBA 7(a)/504 FOIA · FY1991–PRESENT · TENNESSEE
Subway franchise in Tennessee: what the public record shows
Franchisees of Subway in Tennessee have taken 49 SBA loans since 1991 (average $204,549), and of the 42 loans whose story has ended, 2.4% 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 524 franchised outlets in Tennessee (fiscal 2025) — about 7.25 per 100k residents.
Loans in TN
49
Resolved
42
Local charge-off
2.4%
National charge-off
6.8%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = TN. 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 | 538 | 0 |
| 2024 | 526 | 0 |
| 2025 | 524 | 0 |
| System | Loans in TN | Local charge-off | Units in TN |
|---|---|---|---|
| DAIRY QUEEN | 35 | 7.7% | — |
| Firehouse Subs | 18 | thin | 48 |
| Matco Tools | 18 | 68.8% | — |
| HOTWORX | 14 | thin | 26 |
| Sport Clips | 13 | 0.0% | 46 |
| MASSAGE ENVY | 9 | thin | 23 |
| Plato'S Closet | 9 | thin | — |
| Alphagraphics, Printshops of the Futu | 8 | thin | — |
| EDIBLE ARRANGEMENTS | 8 | thin | 7 |
| RODEWAY INN | 8 | thin | 15 |
| JERSEY MIKE'S | 7 | thin | 69 |
| PETLAND | 7 | thin | 3 |
Same sector, same state, same public records — how Subway compares to the systems a buyer in Tennessee 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.
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