SBA 7(a)/504 FOIA · FY1991–PRESENT · VIRGINIA
Subway franchise in Virginia: what the public record shows
Franchisees of Subway in Virginia have taken 90 SBA loans in the FY1991–present FOIA files (average $190,628). Those approved through FY2020 defaulted less often than franchise loans made in the same years nationally: 0 charge-offs among 69 resolved loans, where about 12 would be expected (0×). Subway's national ratio is 0.4×. Its latest FDD Item 20 state table reports 547 franchised outlets in Virginia (fiscal 2025) — about 6.21 per 100k residents.
Loans in VA
90
Charged off (all years)
0 of 70
Loss ratio in VA
0×
Loss ratio nationally
0.4×
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = VA. 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
15,756
statewide, all operators
Per 100k residents
178.8
national 179.9
Versus the country
-1%
thinner
Every business in Subway's industry operating in Virginia — 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
$517
Virginia, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-4%
cheaper to staff
What Subway's industry actually pays workers in Virginia, 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 | 574 | 0 |
| 2024 | 564 | 0 |
| 2025 | 547 | 0 |
| System | Loans in VA | Charged off (all years) | Loss ratio in VA | Units in VA |
|---|---|---|---|---|
| Tropical Smoothie Cafe | 70 | 5 of 58 | 0.5×NOT CLEAR | 124 |
| Quiznos | 59 | 15 of 46 | 1.2×NOT CLEAR | — |
| Cold Stone Creamery | 44 | 7 of 32 | 0.9×NOT CLEAR | — |
| DAIRY QUEEN | 38 | 6 of 25 | — | — |
| Firehouse Subs | 31 | 1 of 19 | — | 57 |
| Jimmy John's | 31 | 3 of 25 | — | — |
| Dunkin' | 23 | 1 of 16 | — | — |
| Cicis Pizza | 21 | 4 of 17 | — | — |
| Marco's Pizza | 21 | 2 of 9 | — | — |
| Nothing Bundt Cakes | 18 | 0 of 2 | — | — |
| Bruster'S | 17 | 0 of 14 | — | — |
| Domino's Pizza | 17 | 0 of 12 | — | — |
Other systems in Subway's sector whose franchisees borrowed in Virginia. 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.