SBA 7(a)/504 FOIA · FY1991–PRESENT · VERMONT
Subway franchise in Vermont: what the public record shows
Franchisees of Subway in Vermont have taken 18 SBA loans in the FY1991–present FOIA files (average $93,650). Fewer than 30 of them were approved through FY2020 and have resolved, so no local loss ratio is published. Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 33 franchised outlets in Vermont (fiscal 2025) — about 5.09 per 100k residents.
Loans in VT
18
Charged off (all years)
0 of 18
Loss ratio in VT
—
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = VT. 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
1,202
statewide, all operators
Per 100k residents
185.4
national 179.9
Versus the country
+3%
denser
Every business in Subway's industry operating in Vermont — 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
$553
Vermont, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
+3%
costlier to staff
What Subway's industry actually pays workers in Vermont, 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 | 41 | 0 |
| 2024 | 36 | 0 |
| 2025 | 33 | 0 |
Other systems in Subway's sector whose franchisees borrowed in Vermont. 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.