Why Does an SBA Lender Want a Personal Guarantee?

A lot of owners are surprised by this one. The loan's for the business, so why does the SBA lender want your signature too?

A personal guarantee means you're promising to pay the loan yourself if the business can't. SBA loans generally require one from the main owners. It's not a sign the lender doesn't trust you. It's part of how the program works.

So expect the lender to look at you, not just the company. They'll pull your personal credit and ask for a personal financial statement, which is a short list of what you own and what you owe.

Fill that statement out carefully before you apply. If something on your credit needs explaining, write a short note now. It's easier than explaining it later in underwriting.

SixtyFour West places your deal with lenders whose rules it fits.