The Michael Caz Podcast brings you the latest in health, business, relationship, and adventure.
Manage episode 240583528 series 2518941
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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.