DEFINITION
A personal guarantee is a promise by a business owner to repay a business loan personally if the business cannot.
Most small business loans, even unsecured ones, include a personal guarantee. Understand its scope before signing.
GLOSSARY
A personal guarantee is a promise by a business owner to repay a business loan personally if the business cannot.
Most small business loans, even unsecured ones, include a personal guarantee. Understand its scope before signing.