Which Wich Franchise Failure Rate
SBA 7(a) loan default data, FY2010–FY2019 · Updated 2026
Which Wich franchisees defaulted on 22.2% of SBA 7(a) loans between FY2010 and FY2019 — 32 of 144 loans were charged off — according to U.S. Small Business Administration data. That is higher than the Limited-Service Restaurants industry average of 10.3%.
- 22.2%SBA default rate32 of 144 loans
- 144loans resolvedapproved FY2010–FY2019
- 10.3%Limited-Service Restaurants averageall SBA loans in the industry
- 64th lowestindustry rankof 81 Limited-Service Restaurants brands
| SBA default rate | 22.2% |
|---|---|
| Loans approved | 144 |
| Loans charged off | 32 |
| Date range | FY2010–FY2019 |
| Industry | Limited-Service Restaurants |
| Industry average | 10.3% |
| Data source | U.S. SBA 7(a) FOIA loan data |
Most SBA default figures published online use loans approved since 2020 — loans that have had six years or less to fail — so those rates are floors, not outcomes. Every rate on this site is computed from the matured FY2010–FY2019 cohort: loans that have been paid in full or charged off, so the result is settled. Loans approved since 2020 are shown as counts so early charge-offs are visible without being mistaken for a rate.
Source: U.S. SBA FOIA dataset, statuses as of June 30, 2026. Figures also in the comparison table below.
About 1 in 5 Which Wich SBA borrowers failed to repay — more than double the Limited-Service Restaurants average of 10.3%.
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: 144 loans approved between fiscal 2010 and 2019, of which 32 were charged off. Loan statuses are as of June 30, 2026, and the cohort has matured, so these are settled outcomes rather than projections.
- SBA 7(a) loans approved FY2010–FY2019144
- Charged off32
- Charge-off rate22.2%
- Limited-Service Restaurants franchise benchmark10.3%
- Brand vs industry2.2x
- All-franchise SBA benchmark10.2%
- Average loan size, 2010s cohort$311,941
- New SBA loans since 202010
- Early charge-offs since 20200
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.
| Measure | Which Wich | Limited-Service Restaurants | All franchises | All SBA borrowers |
|---|---|---|---|---|
| Default (charge-off) rate | 22.2% | 10.3% | 10.2% | 8.0% |
| Loans in sample | 144 | — | — | — |
| Defaults | 32 | — | — | — |
| Average loan size | $311,941 | — | — | — |
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.
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.
Source: U.S. SBA FOIA dataset, statuses as of June 30, 2026.
Show the numbers behind this chart
| Fiscal year | Loans | Charged off | Rate |
|---|---|---|---|
| FY2010 | 8 | 1 | 12.5% |
| FY2011 | 5 | 1 | 20.0% |
| FY2012 | 9 | 0 | 0.0% |
| FY2013 | 12 | 1 | 8.3% |
| FY2014 | 17 | 4 | 23.5% |
| FY2015 | 25 | 10 | 40.0% |
| FY2016 | 23 | 2 | 8.7% |
| FY2017 | 17 | 8 | 47.1% |
| FY2018 | 17 | 4 | 23.5% |
| FY2019 | 11 | 1 | 9.1% |
| FY2020 | 5 | — | outstanding |
| FY2021 | 2 | — | outstanding |
| FY2023 | 3 | — | 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 144 resolved SBA 7(a) loans approved between fiscal 2010 and 2019. That cohort has matured, so the rate is a settled outcome, not a projection. With 144 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.
Is Which Wich in financial trouble? What the SBA data shows
Which Wich's SBA 7(a) default rate was 22.2% for loans approved FY2010–FY2019 (32 of 144 loans charged off) — 64th lowest of 81 Limited-Service Restaurants brands tracked here. A default rate this far above the Limited-Service Restaurants average of 10.3% is a signal worth investigating further before investing.
Frequently asked
- What is Which Wich's franchise failure rate?
- Which Wich franchisees defaulted on 22.2% of SBA 7(a) loans between FY2010 and FY2019 — 32 of 144 loans were charged off — according to U.S. Small Business Administration data. That is higher than the Limited-Service Restaurants industry average of 10.3%.
- How does Which Wich compare to other Limited-Service Restaurants franchises?
- Which Wich's 22.2% SBA default rate is higher than the Limited-Service Restaurants industry average of 10.3%. See every Limited-Service Restaurants franchise ranked on the Limited-Service Restaurants industry page. Limited-Service Restaurants franchises →
- What does 'SBA default rate' mean?
- An SBA default rate is the share of SBA 7(a) loans, approved FY2010–FY2019 and since resolved (paid in full or charged off), that were charged off — written off after the borrower failed to repay. It is not a measure of unit closures.
Source
Source: U.S. Small Business Administration, 7(a) loan program charge-off data, FY2010–FY2019. Franchise data is matched on the SBA's franchise code / brand name. "Failure rate" here means the share of approved loans (resolved: paid in full or charged off) that were charged off; it is not a measure of unit closures. Last updated September 30, 2026.
Every brand in one table, with percentiles and breakdowns by year, industry and loan size: franchise SBA default rates, all 415 brands.
Cite this page
Franchise Default Rates (2026). Which Wich franchise SBA 7(a) default rate, FY2010–FY2019 cohort: 22.2% (32 of 144 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)