Financing a Jersey Mike’s Subs; Jersey Mike’s franchise

Financing a Jersey Mike’s Subs; Jersey Mike’s: common questions

How much do lenders finance for a Jersey Mike’s Subs; Jersey Mike’s franchise?

The median SBA loan approved for a Jersey Mike’s Subs; Jersey Mike’s franchise is $414,000, with the middle 80% of loans between $250,000 and $700,000. That is the financed portion only - it excludes the buyer's equity injection, which SBA lenders typically require at 10% or more of total project cost for a business acquisition or new franchise unit.

Which lenders finance Jersey Mike’s Subs; Jersey Mike’s franchises?

By dollars approved, the most active SBA lenders for Jersey Mike’s Subs; Jersey Mike’s have been Live Oak Banking Company, United Community Bank, The Huntington National Bank, Citizens Bank. Many franchise brands also maintain their own lists of preferred lenders, which may differ from who has historically approved the most volume.

How long are Jersey Mike’s Subs; Jersey Mike’s SBA loans?

The median term is 10 yr. SBA 7(a) terms run up to 10 years for working capital and equipment, and up to 25 years when the loan is secured by real estate - so a longer median usually means the loans included property.

Do Jersey Mike’s Subs; Jersey Mike’s SBA loans get charged off often?

4.3% of Jersey Mike’s Subs; Jersey Mike’s loans approved between FY2010 and FY2019 that have reached a terminal status were charged off, against 7.6% across all SBA lending. Franchise-level charge-off rates reflect the era a brand expanded in as much as the concept itself - brands that grew hardest into the 2010s carry more seasoned, and more resolved, loans.