How to read this directory.

Archived sources, not current-offer verification

Brand records come from an archived SBA directory workbook and historical loan data. Accepted FDD matches come from original Minnesota registry filings. The FTC-definition flag is source-reported, not a legal classification or proof of an active offer. Automated matches and extraction require independent review.

FDD issuance and registry receipt are distinct events. A registry receipt is not substituted for missing issuance. Every metric section shows source URL, available page pointer, document hash and dataset generation/version. A scalar-page match locates a number; a section-page pointer locates context. Neither verifies a full claim or brand match.

Investment, fee and earnings boundaries

Costs remain paired with their named format. No minimum from a remodel is combined with a new-unit maximum. Unknown or invalid investment bounds remain unknown. Franchise fee and median loan gaps are labeled Not captured, not zero. Exact nonpercentage royalties retain their cadence and unit basis. Marketing contribution basis must be checked in the original filing.

Item 19 preserves metric, sample and period even when no scalar average or median was captured. Sales, revenue and EBITDA are not owner income; no owner pay is inferred. Working-capital text is retained instead of extracting arbitrary amounts from multi-format prose.

Unit change

Net change is ending minus starting franchised outlets for a comparable scope and period. A fallback needs complete openings, terminations, non-renewals, other closures and reacquisitions. Transfers are not closures. Incomplete movements do not establish net growth.

SBA activity and historical charge-offs

Activity is 7(a) plus 504 approvals from FY2021-FY2026 YTD, through snapshot 2026-06-30, excluding canceled and not-funded records. This is not a rolling five-year count. Median loan enrichment, when present, uses its separately labeled window and document provenance; loan size understates total investment.

The seasoned historical cohort is 7(a) FY2010-2019 approvals. Formula: CHGOFF / (PIF + CHGOFF + EXEMPT) × 100. Numerator and denominator are shown; percentages for fewer than 10 loans or invalid counts are suppressed. Other statuses are excluded. The result is a historical loan-level share, not location survival or a franchise failure probability.

FY2024-25 franchise tags are sparse after directory suspension, so fewer tagged approvals do not establish brand decline. Loan outcomes for recent cohorts are immature and not used as buyer failure probabilities.

SBA FOIA source · snapshot 2026-06-30

Budget screens and comparisons

Eligible records require a complete single named format with a nonnegative, ordered investment range whose upper bound is at or below the budget. Multi-format, remodel, conversion, relocation, resale and unknown-format records are excluded. This is estimated initial investment, not guaranteed all-in cash needs; working capital, ongoing fees and personal reserves require separate diligence.

Same-category pairs drawn from the five highest archived activity brands in each category, then ordered by combined archived SBA loan activity (FY2021-FY2026 YTD, snapshot 2026-06-30). Ties use category and brand IDs. Activity is discovery context, not an investment-quality ranking or a best-franchise recommendation.

Review, privacy and buyer diligence

These records are automated extractions and have not been independently reviewed; the dataset is not marked publication-ready. Pages may be open to search and AI crawlers so the sources can be found, which is not a review or an endorsement. Borrower contact data, raw extraction notes and incomplete legal narratives are withheld. No sensitive adverse inference is generated. No review or ranking promise is made by the structured metadata.

• Get the current FDD and state addenda.
• Confirm exact format, territory and investment exclusions.
• Build a cash-flow model with your own costs and financing assumptions.
• Speak with current and former franchisees.
• Have an accountant and franchise attorney review financials and terms.

Page pointers

A PDF page pointer is a navigation aid found by matching text automatically. Where a pointer landed on a table of contents instead of the section itself, it has been withdrawn and the page is shown as Not captured with the status unverified-contents-page. No replacement page is guessed.

Who publishes this and how to correct it

Published by Franchise Guys, a trade name of AI MARKETING SALES LLC. Franchise Guys sells marketing services to franchisors, so brands listed here may be its clients or prospects. Every record is produced by the same automated process from public filings. A brand is included because it appears in the source records. Inclusion is not a rating.

To report an error, email hello@secretagents.co with the brand, the figure you think is wrong and a link to the source. There is no online correction form. A correction does not change a record automatically, and a reply is not a promise to publish a change.

Site-wide Terms of Service and Privacy Policy apply to this directory.