SBA 7(a) franchise lending portfolio

CRF Small Business Loan Company, LLC

AVERAGE risk

Total loans: 235
Loan volume: $80.9M
Avg loan size: $344K
Default rate: 14.1%; vs 15.4% national avg

Defaults

Avg interest

6.89%

Franchises funded

126

Risk rating

AVERAGE

Top franchise exposures

Franchise	Loans	Volume	Default %
Firehouse Subs	17	$4.5M	6.7%
Papa Murphy's	15	$3.2M	8.3%
Elements Therapeutic Massage	14	$2.9M	7.7%
Success On The Spectrum	9	$3.8M	—
Which Wich	7	$2.1M	60.0%
Menchie's	6	$1.7M	0.0%
The Halal Guys	5	$2.8M	0.0%
Beef Jerky Outlet Franchise	5	$826K	0.0%
Tropical Smoothie Cafe	5	$2.5M	0.0%
Wayback Burgers	4	$570K	0.0%
Lapels Dry Cleaning	4	$2.1M	0.0%
Bright Star Healthcare/Brights	3	$675K	0.0%
Meineke	3	$942K	100.0%
Rosati's Pizza	3	$894K	0.0%
Wingstop	3	$515K	0.0%
Retro Fitness	2	$1.6M	0.0%
Philly Pretzel Factory	2	$756K	—
Jake's Wayback Burgers	2	$455K	0.0%
The Dog Stop	2	$285K	0.0%
Fastsigns	2	$423K	100.0%

Lending volume by year

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'24

'25

'26

CRF Small Business Loan Company, LLC default rate by loan vintage

BrandNational avg

Geographic exposure

3419.2%

2014.3%

1925.0%

170.0%

130.0%

1220.0%

100.0%

1028.6%

90.0%

90.0%

Portfolio summary

Total funded$80.9M

Defaults22 of 235

Risk tierAVERAGE

Avg rate6.89%

Source: SBA 7(a) FOIA loan-level data, aggregated by FranchiseVerdict

Default rate = charge-offs / (charge-offs + paid-in-full). Active, exempt, and cancelled loans are excluded. Risk ratings: Excellent (<5%), Good (5-10%), Average (10-15%), Elevated (15-20%), Critical (>20%).