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What every partner needs to know about personal guarantees | Purbeck
You co-signed a personal guarantee for your spouses business loan and now you’re faced with losing everything you own and bankruptcy. How did you get to this point and was there any way you could have prevented it from happening?
Posted by Todd Davison on
Pros & cons of signing a personal guarantee for SME funding | Purbeck
There’s no let-up in lender demand for personal guarantees as security for small business loans. So faced with this Hobson’s choice and a future that’s predictably uncertain, what are the pros and cons of signing that guarantee?
Posted by Todd Davison on
How can a SME owner cut the risk of a personal guarantee? | Purbeck
Most small business owners would prefer not to sign a personal guarantee, but when it makes the difference between securing finance and having the door shut in your face what’s a small business owner to do?
If signing the guarantee is the only route to finance, the first priority for any savvy small business owner is a thorough check on what they’re potentially getting into. Even a thriving business can go through uncertain times and if things do go wrong, that guarantee could mean loss of personal assets including home, possible bankruptcy, tarnished credit rating and damaged future career, not to mention a severe strain on family relationships.
Posted by Todd Davison on
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