Banking
Commercial Loan
Texas
Can a commercial lender require personal guarantees from the owners of a business when granting a commercial loan?
I am a small business owner looking to secure a commercial loan to expand my operations. I have been approached by a lender who is willing to provide the loan, but they are requiring personal guarantees from all owners of the business as a condition for approval. I am hesitant to provide personal guarantees as it puts my personal assets at risk. I would like to know if it is common and legally permissible for commercial lenders to require personal guarantees in such situations, and if there are any alternatives or negotiation strategies to minimize personal liability.
Answers from 1 Lawyer
Answer
Banking
Texas
Darryl S.
ContractsCounsel verified
Personal guarantees are common for many small business loans and are often required to secure the loan. Requiring a personal guarantee is legally permissable.
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