SBA Loans for Subway Franchises
Who actually funds Subway SBA 7(a) deals, and how much they lend. Sourced directly from SBA FOIA records covering every approved 7(a) loan from 2021–2026.
Top lenders funding Subway SBA loans
Ranked by number of Subway 7(a) loans approved since 2021.
| # | Lender | Loans | Total Volume | Avg Loan |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 41 | $7.3M | $178K |
| 2 | Manufacturers and Traders Trust Company | 16 | $1.5M | $93K |
| 3 | Merchants Bank of Indiana | 9 | $4.6M | $508K |
| 4 | Readycap Lending, LLC | 7 | $2.8M | $398K |
| 4 | Celtic Bank Corporation | 7 | $2.8M | $395K |
| 4 | Newtek Bank, National Association | 7 | $1.9M | $275K |
| 4 | Northwest Bank | 7 | $2.5M | $353K |
| 8 | U.S. Bank, National Association | 6 | $1.3M | $211K |
| 8 | Peoples Bank | 6 | $5.6M | $927K |
| 10 | Horizon Bank | 5 | $2.7M | $548K |
| 11 | Centerstone SBA Lending, Inc. | 4 | $2.0M | $498K |
| 11 | Banner Bank | 4 | $1.5M | $374K |
| 11 | ESL FCU | 4 | $298K | $75K |
| 11 | CenTrust Bank, A Division of SmartBiz Bank National Association | 4 | $478K | $120K |
| 11 | Newtek Small Business Finance, Inc. | 4 | $1.5M | $372K |
| 11 | First Bank & Trust | 4 | $4.9M | $1.2M |
Source: SBA FOIA 7(a) loan-level data, 2021–2026. Shows lenders with at least one approved Subway loan in this period, ranked by loan count.
Subway SBA loans by state
| State | Loans | Total Volume | Avg Loan |
|---|---|---|---|
| OH | 35 | $11.7M | $334K |
| MN | 13 | $9.6M | $740K |
| TX | 8 | $8.4M | $1.1M |
| KY | 12 | $7.9M | $656K |
| IN | 24 | $7.9M | $328K |
| CA | 13 | $6.5M | $499K |
| IL | 20 | $6.2M | $308K |
| SC | 7 | $5.1M | $723K |
| SD | 5 | $4.8M | $951K |
| MI | 13 | $4.1M | $313K |
| WA | 12 | $4.0M | $337K |
| PA | 15 | $3.6M | $242K |
| GA | 7 | $3.2M | $452K |
| IA | 4 | $3.1M | $773K |
| OK | 5 | $2.6M | $517K |
Subway SBA loans by year
SBA lender notes for Subwayfrom the SBA Franchise Directory
Subway has recently changed its business model and will no longer require a franchisee to lease the real estate back to the franchisor. Franchisees are now permitted to sign leases directly with the landlord. However, if you have an existing franchise location where the franchisor has required the owner of the real estate to lease the premises to the Franchisor, who has then leased the premises back to the franchisee (individual[s] or entity), approval for SBA loans will only be considered for Approved Applicants which include individual(s) named as franchisee, an operating entity controlled by individual(s) named as franchisee, or an entity named as franchisee
How to use this
The lenders above have actually closed SBA 7(a) loans for Subway franchisees, so they already understand the brand's model, unit economics, and franchise agreement. That familiarity usually means a faster, cleaner underwrite than a lender seeing the concept for the first time.
A lender being active historically doesn't mean they're the right fit for your deal size, location, or timing right now. That's where we come in — we match your Subway deal to a lender currently funding this brand.
Financing a Subway franchise?
We know which lenders are actively funding Subway deals right now and which fit your loan size and location. Pre-qualify and we'll find your match (free to borrowers).