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Do you need a personal guarantee for an SBA loan?
SBA loans may require a personal guarantee, but luckily, there are several kinds of loans to consider and different personal guarantee terms. Make sure you include your business partners in the liability of the loan; you don鈥檛 want to be stuck paying it back yourself if the business fails.
Is the SBA a lender or lender?
The SBA isn鈥檛 exactly a lender, though it does help businesses secure funding. The SBA actually helps take on some of the responsibility of business loans, acting as a guarantor for anywhere between 50 and 85% of the loan should the business default.
What are the pros and cons of an SBA loan?
The SBA can guarantee the loan for up to 85%. If the borrower is unable to repay, the SBA will repay the 85% of the loan. This setup lowers the risk for lenders because they have the assurance that the government will pay them back in case of a default. It鈥檚 not easy to qualify for an SBA loan even if it鈥檚 backed by the government.
What is an unlimited personal guarantee for a business loan?
Unlimited personal guarantees are for business owners who own at least 20% of the business. In an unlimited guarantee, you agree that the lender has the right to recover the entire outstanding loan balance. You will need to present your loan application along with a signed SBA Form 148.