Firehouse Subs vs Smoothie King
Firehouse Subs vs Smoothie King: Firehouse Subs costs $92K to $825K to open; Smoothie King costs $312K to $1.4M. Firehouse Subs has 580 units, Smoothie King has 529. SBA loan history: Firehouse Subs = 698 loans (7.3% default); Smoothie King = 707 loans (8.2% default). The franchise with more SBA funded units, a lower SBA default rate, and a lower royalty load is the safer financing bet; see the comparison below.
Firehouse Subs vs Smoothie King: Capital, Scale & Lending Analysis
Analysis based on FDD filings and SBA 7(a) loan level data. Each pairing reflects a unique combination of capital intensity, system scale, and financing path.
Capital Intensity
Firehouse Subs requires the lower minimum capital commitment ($92K vs $312K for Smoothie King), a 70% spread. Initial franchise fees come in at $20K for Firehouse Subs versus $30K for Smoothie King, Firehouse Subs has the lower entry fee. Ongoing royalty load is 6% for Firehouse Subs and 6% for Smoothie King, equal royalty drag.
System Scale & Tenure
On scale, Firehouse Subs operates 580 units to Smoothie King's 529. Smoothie King has been operating 53 years (founded 1973) versus 32 for Firehouse Subs (founded 1994), a 21-year tenure gap that affects unit-economics maturity and FDD revision history.
SBA Lending Profile
Smoothie King has the deeper SBA lending track record, with 707 7(a) approvals compared with 698 for Firehouse Subs.
Risk Signal
SBA default rates are 7.3% for Firehouse Subs and 8.2% for Smoothie King, Firehouse Subs has the cleaner SBA loss record by 0.9 points. PeerSense FPI scores come in at 59 (Moderate) for Firehouse Subs and 68 (Strong) for Smoothie King, giving Smoothie King the stronger composite signal across SBA performance, lender appetite, and operational consistency.
Health & Performance
FPI Score | 59/100 | 68/100 |
Health Tier | Moderate | Strong |
Confidence | N/A | N/A |
Lending Trend | Declining | Declining |
SBA Lending
SBA Loans | 698 | 707 |
SBA Volume | – | – |
Default Rate | 7.3% | 8.2% |
Peer Tier | major | major |
Investment & Costs
Total Investment | $92K to $825K | $312K to $1.4M |
Franchise Fee | $20K | $30K |
Royalty Rate | 6% | 6% |
Ad Fund | 1.5% | 2% |
Liquid Capital | $555K | $100K |
Net Worth Required | N/A | $300K |
Financial Performance (Item 19)
Item 19 Status | Not Disclosed | Disclosed |
System Size & Operations
Total Units | 580 | 529 |
Franchised Units | 580 | 529 |
Company Owned | – | – |
Term Length | 20 yrs | 10 yrs |
Brand Information
Year Founded | 1994 | 1973 |
Franchising Since | 1960 | 1960 |
Years Franchising | 66 yrs | 66 yrs |
Headquarters | Jacksonville, FL | Dallas, TX |
Category | Limited-Service Restaurants | Limited-Service Restaurants |
Website | ||
FDD Year | 2025 | 2025 |
Which Is Better, Firehouse Subs or Smoothie King?
Lower upfront capital required
Firehouse Subs
Firehouse Subs: $92K starting · Smoothie King: $312K starting
More SBA lender confidence
Smoothie King
Firehouse Subs: 698 SBA loans · Smoothie King: 707 SBA loans
Lower SBA default rate
Firehouse Subs
Firehouse Subs: 7.3% · Smoothie King: 8.2%
Larger system & brand presence
Firehouse Subs
Firehouse Subs: 580 units · Smoothie King: 529 units
Lower ongoing royalty load
Tie
Firehouse Subs: 6% · Smoothie King: 6%
More lender financing options
Firehouse Subs
Firehouse Subs: 183 unique lenders · Smoothie King: 169 unique lenders
Decision matrix uses publicly disclosed FDD and SBA loan data. Not a recommendation. Your best franchise depends on capital, market, operating capacity, and risk tolerance.
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About These Franchises
Firehouse Subs vs Smoothie King: Franchise Funding Comparison
Comparing Firehouse Subs and Smoothie King is about more than brand preference. It's about which franchise fits your financial profile and funding strategy. Investment ranges from $92K to $1.4M.
Firehouse Subs has 698 SBA loans on record and Smoothie King has 707. Those totals are cumulative history rather than a measure of current appetite. Recent lending activity is trending down for at least one of these brands, so current lender appetite has to be checked deal by deal rather than assumed from the totals.
SBA 7(a) loans are the most common franchise funding vehicle, offering up to $5M with as little as 10% down. PeerSense connects franchise buyers with the specific lenders who have approved loans for these brands, not generic referrals, but lenders with actual franchise lending track records.
Data sourced from SBA loan records, Franchise Disclosure Documents, and public filings. Updated regularly. Not financial advice, consult with a lending professional before making investment decisions.
Firehouse Subs vs Smoothie King, Frequently Asked Questions
Which is a better franchise investment, Firehouse Subs or Smoothie King?
How much does a Firehouse Subs franchise cost compared to Smoothie King?
Can I finance Firehouse Subs or Smoothie King with an SBA loan?
Which has a lower SBA default rate, Firehouse Subs or Smoothie King?
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Page Review
Reviewed by Edward L. Freeman, Founder and Managing Director, PeerSense
- PeerSense is a capital advisory firm that places commercial financing with direct capital sources; the capital source sets final terms.
- Edward L. Freeman founded PeerSense in January 2020.
- He is a Registered Franchise Consultant with Business Alliance, Inc., a credential issued in March 2022, and worked as a franchise consultant there from March 2022 to May 2023.
- His recorded experience includes a $22 million SBA construction loan, with about $16 million funded on the deal.
- In the 12 months through September 30, 2026, PeerSense tracked 912 publicly announced financings with a disclosed size of $361.32 billion. PeerSense Capital Data Report · Methodology page
Last reviewed LinkedIn profileAbout Edward Freeman