October 10th, 2019.

Access to finance at speed can make or break a growing business. It can also make or break the people behind that business who find themselves signing a personal guarantee to secure the funding they need.

Personal guarantees can apply to a wide range of finance facilities, whether from a traditional lender, peer-to-peer platform or as part of an asset finance deal. Even loans secured through lenders backed by the Enterprise Finance Guarantee may be subject to a personal guarantee.

It may seem obvious that a personal guarantee will put the personal assets of the business owner at risk, yet in a recent survey it was found that 39pc confessed that they were not aware of this fact. Indeed, 58pc of small business owners did not seek professional advice when securing business finance.

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