Sba form 148 2025

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The document is an Unconditional Limited Guarantee from the U.S. Small Business Administration (SBA) outlining the obligations of a Guarantor to repay amounts owed under a promissory note (the Note) in case of default by the Borrower. It details definitions, payment limitations, rights and waivers of the Guarantor, and the powers of the Lender. The guarantee can be limited by various conditions such as balance reduction or maximum liability, and it emphasizes that federal law governs its enforcement.

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Are all owners of or more required to personally guarantee an SBA loan?

Individuals who own 20% or more of a small business applicant must provide an unlimited personal guaranty.

Do SBA loans require personal guarantees?

While SBA loans offer valuable support for struggling small businesses, certain hurdles may affect eligibility. Factors like poor credit, lack of collateral, reluctance to use assets, past government loan defaults, or a criminal record can pose challenges.

Does the SBA provide loan guarantees?

The SBA loan guarantee works as a substitute for the needed collateral and provides the lender with satisfactory security to support the loan. If the borrower fails to repay the loan, the lender can recover the guaranteed portion of the loan from the SBA.

Can you get an SBA loan without a personal guarantee?

The bottom line Getting an SBA loan requires that you provide either a personal guarantee, collateral or both. This means your business assets or personal wealth may be at risk if the business defaults on the loan. If you dont want to risk your collateral or personal assets, consider alternatives for funding.

Are you personally liable for an SBA loan?

Your Liability for an SBA Loan If your business obtained an SBA loan, you more than likely signed a personal guarantee. This personal guarantee states that although the business was the borrower for the loan, you remain personally liable if the business defaults on the SBA loan.