Recent Answers to Banking Law Questions
Can a commercial lender require personal guarantees from the owners of a business when granting a commercial loan?
Banking
Commercial Loan
Texas
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.
Darryl S.
Personal guarantees are common for many small business loans and are often required to secure the loan. Requiring a personal guarantee is legally permissable.
I have money in new york bank i want to withdraw or transfer in my country Philippines
Banking
Bank Account Agreement
New York
Im in philippine now what kind of documents i need to prepare
Jane C.
Please contact the bank in New York and ask what documents you need. Also, speak with the bank that you will be depositing funds with in the Philippines. Please note tax filings and tax may be due in the United States. Please consult a tax attorney and your accountant.
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