SBA 7(a)/504 FOIA · FY1991–PRESENT · INDIANA
Which Wich franchise in Indiana: what the public record shows
Franchisees of Which Wich in Indiana have taken 14 SBA loans since 1991 (average $350,550), and of the 13 loans whose story has ended, 7.7% were charged off — versus 21.0% for Which Wich nationally and 14.8% across all rateable franchise brands.
Loans in IN
14
Resolved
13
Local charge-off
7.7%
National charge-off
21.0%
Source: SBA 7(a)/504 FOIA files (data.sba.gov), borrower state = IN. 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.
Businesses in this industry
11,431
statewide, all operators
Per 100k residents
165.1
national 179.9
Versus the country
-8%
thinner
Every business in Which Wich's industry operating in Indiana — 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.
Avg weekly wage, this industry
$436
Indiana, BLS QCEW 2025
National average
$537
same industry, all states
Versus the country
-19%
cheaper to staff
What Which Wich's industry actually pays workers in Indiana, from the Bureau of Labor Statistics' Quarterly Census of Employment and Wages (2025), employment-weighted across counties. This is a real cost signal 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.
| System | Loans in IN | Local charge-off | Units in IN |
|---|---|---|---|
| Jimmy John's | 51 | 0.0% | — |
| Culver's | 49 | 9.4% | — |
| WINGS ETC. | 45 | 6.7% | 23 |
| Quiznos | 41 | 14.3% | — |
| Biggby Coffee | 38 | 0.0% | — |
| Ritter'S Frozen Custard | 36 | 26.9% | — |
| Domino's Pizza | 30 | 4.5% | — |
| Smoothie King | 24 | 0.0% | — |
| Little Caesar Pizza | 16 | 7.1% | — |
| Nothing Bundt Cakes | 16 | thin | — |
| Arby's | 14 | 0.0% | — |
| Cold Stone Creamery | 14 | thin | — |
Same sector, same state, same public records — how Which Wich compares to the systems a buyer in Indiana 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. I'm paid by you — and the job is pressure-testing Which Wich's numbers, including talking you out of a bad deal.