Which has more SBA loans, Flip Flop Shops or Lizard Thicket?

Flip Flop Shops has 26 SBA 7(a) historical approvals; Lizard Thicket has 11. Flip Flop Shops has the deeper public lender track record, which generally translates into faster pre-qualification and broader lender familiarity.

What is the default rate for Flip Flop Shops vs Lizard Thicket SBA loans?

Flip Flop Shops's SBA default rate is 38.5%, versus 0.0% for Lizard Thicket. Lizard Thicket has the cleaner loss profile, which capital sources weigh when pricing the next deal in the brand.

When did Flip Flop Shops and Lizard Thicket peak in SBA lending volume?

Flip Flop Shops's SBA approval peak was 2013 with 9 loans; Lizard Thicket's peak was 2016 with 6. A more recent peak (currently Lizard Thicket) generally indicates fresher lender appetite and easier financing today.

Which states have the most Flip Flop Shops and Lizard Thicket SBA loans?

Flip Flop Shops leads in FL with 7 SBA-funded units; Lizard Thicket leads in GA with 7. The brand that matches your operating state typically closes faster because local lenders already know the unit economics.

Side by Side Comparison

Flip Flop Shops vs Lizard Thicket

Quick Answer

Flip Flop Shops vs Lizard Thicket: Flip Flop Shops costs $183K to $349K to open; Lizard Thicket costs $150K to $522K. Flip Flop Shops has 47 units, Lizard Thicket has 17. SBA loan history: Flip Flop Shops = 26 loans (38.5% default); Lizard Thicket = 11 loans (0.0% 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.

Flip Flop Shops vs Lizard Thicket: 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

Lizard Thicket requires the lower minimum capital commitment ($150K vs $183K for Flip Flop Shops), a 22% spread.

System Scale & Tenure

On scale, Flip Flop Shops operates 47 units to Lizard Thicket's 17, roughly 3× the system size.

SBA Lending Profile

Flip Flop Shops has the deeper SBA lending track record, with 26 7(a) approvals compared with 11 for Lizard Thicket. Flip Flop Shops's peak SBA year was 2013 (9 loans); Lizard Thicket's peak was 2016 (6 loans). Lizard Thicket's more recent peak generally indicates fresher lender appetite. Flip Flop Shops has the most SBA funded units in FL, with 7. Lizard Thicket leads in GA, with 7. Borrowers should pick the brand whose strongest SBA state matches their own state for warmer lender introductions. Average SBA loan size on funded Flip Flop Shops deals is $150K vs $421K for Lizard Thicket, useful as a sizing anchor when modeling your own unit.

Risk Signal

SBA default rates are 38.5% for Flip Flop Shops and 0.0% for Lizard Thicket, Lizard Thicket has the cleaner SBA loss record by 38.5 points. PeerSense FPI scores come in at 34 (Fair) for Flip Flop Shops and 46 (Fair) for Lizard Thicket, giving Lizard Thicket the stronger composite signal across SBA performance, lender appetite, and operational consistency.

Flip Flop Shops

Clothing Accessories Stores

34 10W

Lizard Thicket

Clothing Accessories Stores

Health & Performance

FPI Score	34/100	46/100
Health Tier	Limited	Fair
Confidence	N/A	N/A
Lending Trend	Declining	Declining

SBA Lending

SBA Loans	26	11
SBA Volume	–	–
Default Rate	38.5%	0.0%
Peer Tier	established	growing

Investment & Costs

Total Investment	$183K to $349K	$150K to $522K
Franchise Fee	$30K	N/A
Royalty Rate	5%	N/A
Ad Fund	1%	N/A
Liquid Capital	N/A	N/A
Net Worth Required	N/A	N/A

Financial Performance (Item 19)

Item 19 Status

Disclosed

Not Disclosed

System Size & Operations

Total Units	47	17
Franchised Units	47	17
Company Owned	–	–
Term Length	8 yrs	N/A

Brand Information

Year Founded	N/A	1981
Franchising Since	2007	N/A
Years Franchising	19 yrs	N/A
Headquarters	MISSION VIEJO, CA	CUMMING, GA
Category	Clothing Accessories Stores	Clothing Accessories Stores
Website	flipflopshops.com	lizardthicket.com
FDD Year	2025	N/A

Which Is Better, Flip Flop Shops or Lizard Thicket?

Lower upfront capital required

Tie

Flip Flop Shops: $183K starting · Lizard Thicket: $150K starting

More SBA lender confidence

Flip Flop Shops

Flip Flop Shops: 26 SBA loans · Lizard Thicket: 11 SBA loans

Lower SBA default rate

Lizard Thicket

Flip Flop Shops: 38.5% · Lizard Thicket: 0.0%

Larger system & brand presence

Tie

Flip Flop Shops: 47 units · Lizard Thicket: 17 units

More lender financing options

Flip Flop Shops

Flip Flop Shops: 19 unique lenders · Lizard Thicket: 8 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

Flip Flop Shops

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Lizard Thicket

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Full Profile

Flip Flop Shops vs Lizard Thicket: Franchise Funding Comparison

Comparing Flip Flop Shops and Lizard Thicket is about more than brand preference. It's about which franchise fits your financial profile and funding strategy. Investment ranges from $150K to $522K.

Flip Flop Shops has 26 SBA loans on record and Lizard Thicket has 11. 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.

SBA Loan Guide Franchise Funding Options Best SBA Franchise Lenders All Franchises Talk to PeerSense

Flip Flop Shops vs Lizard Thicket, Frequently Asked Questions

Which is a better franchise investment, Flip Flop Shops or Lizard Thicket?

Compare Flip Flop Shops vs Lizard Thicket franchise costs, FDD data, royalty rates, unit counts, and SBA lending history side by side above. The best franchise depends on your capital, market, and risk tolerance, not a single ranking. Use the decision matrix above to see which brand wins on each financing dimension.

How much does a Flip Flop Shops franchise cost compared to Lizard Thicket?

Flip Flop Shops requires $183K to $349K in total initial investment with a $30K franchise fee. Lizard Thicket requires $150K to $522K with a N/A franchise fee. All numbers come from official Franchise Disclosure Document filings.

Can I finance Flip Flop Shops or Lizard Thicket with an SBA loan?

Both brands appear on the SBA Franchise Directory and have funded SBA 7(a) loans: Flip Flop Shops has 26 SBA loans on record; Lizard Thicket has 11. SBA 7(a) is the most common franchise financing vehicle, offering up to $5M with 10% down. PeerSense routes your deal to lenders who have already approved the brand.

Which has a lower SBA default rate, Flip Flop Shops or Lizard Thicket?

Flip Flop Shops: 38.5% SBA default rate. Lizard Thicket: 0.0% SBA default rate. Lower default rates mean lenders quote tighter rates and underwrite faster.

Compare Flip Flop Shops to other franchises Compare Lizard Thicket to other franchises Browse all Clothing Accessories Stores franchises

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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 October 2, 2026LinkedIn profile About Edward Freeman