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Do I Need To Personally Guarantee An SBA Guaranteed Loan?
Do I Need To Personally Guarantee An SBA Guaranteed Loan?
The answer is yes, let me explain.
It’s important to understand that the applicant or borrower is the business, not the individual owners of the business.
Therefore, the business is primarily responsible to pay back the loan which is why this repayment source is referred to as the primary source of repayment.
The secondary source of repayment is often in the form of assets owned by the principal owners of the business which is defined as any owner owning 20% or more of the borrowing entity.
If you liked this content, let's connect on social media:
Instagram: https://instagram.com/mysbapro
Twitter: https://twitter.com/mysbapro
LinkedIn: https://linkedin.com/in/ryanpatryck
More ThinkSBA Resources
https://calendly.com/thinksba - Schedule Call
https://g.page/thinksba - Google Business Page & Reviews
https://thinksba.com/faq - Frequently Asked Questions
https://mysbaloanpro.com - My SBA Loan Pro Podcast
https://youtube.com/@thinksba - YouTube Channel
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By Ryan Smith
5
1010 ratings
Do I Need To Personally Guarantee An SBA Guaranteed Loan?
The answer is yes, let me explain.
It’s important to understand that the applicant or borrower is the business, not the individual owners of the business.
Therefore, the business is primarily responsible to pay back the loan which is why this repayment source is referred to as the primary source of repayment.
The secondary source of repayment is often in the form of assets owned by the principal owners of the business which is defined as any owner owning 20% or more of the borrowing entity.
If you liked this content, let's connect on social media:
Instagram: https://instagram.com/mysbapro
Twitter: https://twitter.com/mysbapro
LinkedIn: https://linkedin.com/in/ryanpatryck
More ThinkSBA Resources
https://calendly.com/thinksba - Schedule Call
https://g.page/thinksba - Google Business Page & Reviews
https://thinksba.com/faq - Frequently Asked Questions
https://mysbaloanpro.com - My SBA Loan Pro Podcast
https://youtube.com/@thinksba - YouTube Channel
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