SBA 7(a)/504 FOIA · FY1991–PRESENT · MASSACHUSETTS
Tropical Smoothie Cafe franchise in Massachusetts: what the public record shows
Franchisees of Tropical Smoothie Cafe in Massachusetts have taken 17 SBA loans since 1991 (average $323,741)— too few resolved loans in-state to publish a local failure rate (we require a resolved cohort, never extrapolate), so the brand's national rate of 10.7% is the better guide. Its latest FDD Item 20 state table reports 30 franchised outlets in Massachusetts (fiscal 2025) — about 0.42 per 100k residents.
Loans in MA
17
Resolved
4
Local charge-off
thin
National charge-off
10.7%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = MA. 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 of 30 loans.
Businesses in this industry
14,561
statewide, all operators
Per 100k residents
204
national 179.9
Versus the country
+13%
denser
Every business in Tropical Smoothie Cafe's industry operating in Massachusetts — franchised and independent — from the Census Bureau's County Business Patterns (2023), against 2024 population estimates. Counter-intuitively, density is not a warning: across 198 brand-state cells in our loan data, the densest quartile charges off at 5.6% versus 18.1% in the thinnest. A crowded market is usually proven demand; an empty one is often empty for a reason.
| Fiscal year | Franchised | Company-owned |
|---|---|---|
| 2013 | 2 | — |
| 2014 | 2 | — |
| 2015 | 4 | — |
| 2023 | 15 | — |
| 2024 | 20 | — |
| 2025 | 30 | — |
| System | Loans in MA | Local charge-off | Units in MA |
|---|---|---|---|
| Honey Dew Donuts | 63 | 13.0% | — |
| Domino's Pizza | 52 | 8.6% | — |
| Quiznos | 44 | 31.4% | — |
| Dunkin Donuts/Baskin-Robbins Co-Brand | 36 | 0.0% | — |
| Ben & Jerry'S Ice Cream | 19 | 6.3% | — |
| Crumbl Cookies | 12 | thin | — |
| Jersey Mike's Subs | 11 | thin | — |
| Orange Leaf Frozen Yogurt | 10 | 40.0% | — |
| Cold Stone Creamery | 9 | thin | — |
| Boston Market | 7 | thin | — |
| Carvel Ice Cream | 6 | thin | — |
| Moe'S Sw Grill | 6 | thin | — |
Same sector, same state, same public records — how Tropical Smoothie Cafe compares to the systems a buyer in Massachusetts 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 Tropical Smoothie Cafe's numbers, including talking you out of a bad deal.
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