Franchise Failure Rates

SBA 7(a) loan outcomes · FY2010–FY2019 cohort · Statuses as of June 30, 2026 · Last updated August 17, 2026

Which Wich Franchise Failure Rate: 25.7% SBA Loan Defaults (2010–2019 Federal Data)

25.7%
charge-off rate on 113 SBA 7(a) loans to Which Wich franchisees, FY2010–2019
Charge-off rate, SBA 7(a) loans approved FY2010–FY2019 — Which Wich against its industry and all franchises
Charge-off rate, SBA 7(a) loans approved FY2010–FY2019: Which Wich 25.7%; Limited-Service Restaurants 10.3%; All franchises 10.2%Which Wich 25.7%; Limited-Service Restaurants 10.3%; All franchises 10.2%0%5%10%15%20%25%Which Wich25.7%Limited-ServiceRestaurants10.3%All franchises10.2%
Charge-off rate, SBA 7(a) loans approved FY2010–FY2019: Which Wich 25.7%; Limited-Service Restaurants 10.3%; All franchises 10.2%Which Wich 25.7%; Limited-Service Restaurants 10.3%; All franchises 10.2%0%5%10%15%20%25%Which Wich25.7%Limited-Service Restaurants10.3%All franchises10.2%

Source: U.S. SBA FOIA dataset, statuses as of June 30, 2026. Figures also in the comparison table below.

About 1 in 4 Which Wich SBA borrowers failed to repay — more than double the Limited-Service Restaurants average of 10.3%.

Between 2010 and 2019, 113 Which Wich franchisees financed with SBA 7(a) loans. 29 defaulted — a 25.7% charge-off rate, 2.5x the Limited-Service Restaurants average of 10.3%. Source: U.S. Small Business Administration FOIA dataset, loan statuses as of June 30, 2026.

What is the Which Wich franchise failure rate on SBA loans?

Which Wich is a Limited-Service Restaurants franchise. This page reports the outcome of every SBA 7(a) loan the U.S. Small Business Administration's public FOIA file attributes to Which Wich franchisees: 113 loans approved between fiscal 2010 and 2019, of which 29 were charged off. Loan statuses are as of June 30, 2026, and the cohort has matured, so these are settled outcomes rather than projections.

How does Which Wich compare with other Limited-Service Restaurants franchises?

The table sets Which Wich's charge-off rate beside its Limited-Service Restaurants peers and the two economy-wide benchmarks. All figures use the same cohort — SBA 7(a) loans approved FY2010–FY2019, statuses as of June 30, 2026 — and the same denominator of resolved loans, so they are directly comparable. A cell in red is more than twice the industry benchmark.

Which Wich versus benchmarks, SBA 7(a) loans approved FY2010–FY2019, statuses as of June 30, 2026. Source: U.S. SBA FOIA dataset.
MeasureWhich WichLimited-Service RestaurantsAll franchisesAll SBA borrowers
Default (charge-off) rate25.7%10.3%10.2%8.0%
Loans in sample113———
Defaults29———
Average loan size$312,926———

What has Which Wich SBA lending looked like since 2020?

Since 2020, Which Wich franchisees have taken 10 new SBA 7(a) loans. None have charged off to date, though most remain outstanding and unresolved.

Charge-off rate by approval year — share of each fiscal year's Which Wich SBA 7(a) loans that later defaulted (FY2010–FY2019); years with fewer than 10 loans are outlined, not filled
Charge-off rate by approval year: FY2012 0% of 1 loans; FY2013 0% of 2 loans; FY2014 24% of 17 loans; FY2015 40% of 25 loans; FY2016 9% of 23 loans; FY2017 47% of 17 loans; FY2018 24% of 17 loans; FY2019 9% of 11 loansCharge-off rate by approval year: FY2012 0% of 1 loans; FY2013 0% of 2 loans; FY2014 24% of 17 loans; FY2015 40% of 25 loans; FY2016 9% of 23 loans; FY2017 47% of 17 loans; FY2018 24% of 17 loans; FY2019 9% of 11 loans0%25%50%0%2012n=10%2013n=224%2014n=1740%2015n=259%2016n=2347%2017n=1724%2018n=179%2019n=11
Charge-off rate by approval year: FY2012 0% of 1 loans; FY2013 0% of 2 loans; FY2014 24% of 17 loans; FY2015 40% of 25 loans; FY2016 9% of 23 loans; FY2017 47% of 17 loans; FY2018 24% of 17 loans; FY2019 9% of 11 loansCharge-off rate by approval year: FY2012 0% of 1 loans; FY2013 0% of 2 loans; FY2014 24% of 17 loans; FY2015 40% of 25 loans; FY2016 9% of 23 loans; FY2017 47% of 17 loans; FY2018 24% of 17 loans; FY2019 9% of 11 loans0%25%50%0%’12n=10%’13n=224%’14n=1740%’15n=259%’16n=2347%’17n=1724%’18n=179%’19n=11

Loans approved since 2020, by fiscal year — counts only: 0 have charged off to date and most are still outstanding, so no rate is drawn.

Loans approved since 2020: FY2020 5; FY2021 2; FY2023 3Loans approved since 2020: FY2020 5; FY2021 2; FY2023 3520202202132023
Loans approved since 2020: FY2020 5; FY2021 2; FY2023 3Loans approved since 2020: FY2020 5; FY2021 2; FY2023 35’202’213’23

Source: U.S. SBA FOIA dataset, statuses as of June 30, 2026.

Show the numbers behind this chart
Fiscal yearLoansCharged offRate
FY2012100.0%
FY2013200.0%
FY201417423.5%
FY2015251040.0%
FY20162328.7%
FY201717847.1%
FY201817423.5%
FY20191119.1%
FY20205—outstanding
FY20212—outstanding
FY20233—outstanding

How to read this

A charge-off means a franchisee borrowed, operated, and failed severely enough that the SBA wrote off the government-guaranteed loan. Unlike franchisor marketing or Item 19 disclosures, this is an observed outcome recorded by a federal agency. One caveat cuts the other way: SBA borrowers are typically less capitalized than all-cash buyers, so these rates can overstate risk for well-funded operators.

How reliable is this number?

Which Wich's figure rests on 113 resolved SBA 7(a) loans approved between fiscal 2010 and 2019 — a matured cohort, so the rate is a settled outcome, not a projection. With 113 resolved loans, the sample is large enough that a single default barely moves the figure. Loans approved since 2020 are excluded from the rate because most are still outstanding; they appear on this page as counts only. Every Which Wich figure is recomputed from the public SBA FOIA file on each rebuild.

Frequently asked

What is Which Wich's franchise failure rate on SBA loans?
Between 2010 and 2019, 113 Which Wich franchisees financed with SBA 7(a) loans. 29 defaulted — a 25.7% charge-off rate, 2.5x the Limited-Service Restaurants average of 10.3%. Source: U.S. Small Business Administration FOIA dataset, loan statuses as of June 30, 2026.
Is Which Wich a safe franchise investment?
Between 2010–2019, Which Wich franchisees defaulted on SBA loans at 25.7% versus a 10.3% industry average. This data is one input for due diligence; it is not investment advice.

Cite this page

Franchise Default Rates (2026). Which Wich franchise SBA 7(a) default rate, FY2010–FY2019 cohort: 25.7% (29 of 113 loans charged off). Derived from U.S. SBA FOIA data, loan statuses as of June 30, 2026.

https://franchisefailurerates.com/franchise/which-wich/ · Data & methodology · Download the dataset (CSV)