Is it possible to get an SBA Loan for over $500,000 without collateral?

I have no collateral except a car. What about with a Business Plan? Is there anything I can do to get a $4.5 million dollar loan?

Answer:
No unfortunately.

The basic requirements that SBA looks for when applying for a small business loan are http://www.sba.gov/financing/preparation.

• Business profile. A document describing type of business, annual sales, number of employees, length of time in business and ownership.

• Loan request. A description of how loan funds will be used. Should include purpose, amount and type of loan.

• Collateral. Description of collateral offered to secure the loan, including equity in the business, borrowed funds and available cash.

• Business financial statements. Complete financial statements for the past three years and current interim financial statements.

• Personal financial statements. Statements of owners, partners, officers and stockholders owning 20% or more of the business.

Also read their CREDIT FACTORS A POTENTIAL BORROWER SHOULD KNOW http://www.sba.gov/financing/preparation. . A business plan is not enough; you need to prove you are invested in your business as well, you can repay the loan, you have something they can take in the event you don't pay, and that you must have knowledge of the business.
Thats funny, I tried to the excact same thing! Well sorry to say, no. Believe me I tried. you need alot in collateral to get that much. Sorry
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Not if you're a white american.
Not with this administration. Getting an SBA loan is very difficult. You almost have to prove you don't need it to get it. It pays to be in the minority. A woman over a man. It will take more than a year of sending in plans and face to face interviews before they will even consider you. Then they will match you up with a representative of the Association of retired business persons. I helped someone 30 years ago to get a loan and it was almost impossible. They finally got $30,000 which was about 20% of what they needed.

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