SMEs are more likely to be asked to put personal assets on the line
Survey reveals demand for personal guarantees from lenders rises by nearly 50% in past twelve months
Lenders are increasingly asking SMEs for personal guarantees to secure business finance a survey[i] has revealed. The survey of commercial finance brokers undertaken by Purbeck, the UK’s only personal guarantee insurance solution for the owners and directors of UK SMEs, found 47% of respondents said they had seen a rise in demand for personal guarantees as part of a new business finance package, in the past year.