How to fill out sba form 148l

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sba form 148l

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The SBA requires that anyone with 20% or more ownership in the business provide an unlimited personal guarantee. Owners with less than 20% ownership may provide a full or limited guarantee (SBA Form 148L). Business financial statements, such as income statements, balance sheets and cash flow projections.
The guaranty by owners of less than 20% may be limited or full. If a limited guarantee is used, the lender must choose one of the payment limitation options in SBA Form 148L (Unconditional Limited Guarantee) and specify the option in the Authorization. a) Lender must obtain a personal financial statement from all individuals guaranteeing the loan.