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Financing a Subway with an SBA loan

Since FY2020, 131 Subway locations changed hands on an SBA 7(a) loan. Here is what those deals looked like, which lenders wrote them, and where the brand stands with the SBA.

Subway franchising: subwayfranchise.com

Acquisition loans
131
since FY2020
Median loan size
$263,900
FY2025 to FY2026 Q3
Median rate
9.38%
at approval
Total approved
$14M
FY2025 to FY2026 Q3

What a lender sees

Subway is an established brand in the SBA loan file: 131 acquisitions cleared underwriting in the last five years. At the $263,900 median loan, a standard 7(a) structure puts roughly $26,390 of buyer equity into the deal at the 10 percent minimum injection, with the rest financed over ten years. The 9.38 percent median rate is the number to model your payment against.

Lenders that actually write these

The banks below approved the most Subway acquisitions in the file. A lender that has funded this brand before is the fastest path through underwriting.

SBA conditions on this brand

From 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

Every franchise the SBA will finance carries an entry in its directory, and some carry conditions like this one about how the real estate and the lease may be held. A lender has to clear these before funding, so they are worth reading before you make an offer.

Loan counts, median size, median rate, and lender ranking are computed from the SBA 7(a) FOIA file, change of ownership approvals, FY2025 to FY2026 Q3, as of June 30, 2026. Eligibility, the identifier code, and any conditions are from the SBA Franchise Directory, effective August 11, 2026. We are not affiliated with Subway or its franchisor, and directory listing is not an endorsement of any individual deal. Methodology.