A personal guarantee is a legally binding agreement between a borrower and a lender that makes the borrower personally responsible for repaying a loan. This means that if the borrower fails to repay the loan, the lender can take legal action against the borrower to recover the money. A personal guarantee is often used when a business is unable to secure a loan from a bank or … [Read more...] about Understanding, Benefits, Risks, and Negotiations of Personal Guarantee Agreements for Businesses