The SBA Lender obtains at least one guaranty on every loan (a full unconditional guaranty from an owner where nobody holds 20%), and an unlimited full guaranty (SBA Form 148 or, for 7(a), the Lender's equivalent) from every individual and every entity owning 20% or more directly or indirectly, after disclosing all individuals behind entity owners. Each spouse owning under 20% guarantees in full where spouses' and minor children's interests together reach 20%; a non-owner spouse signs the collateral documents, with the guaranty secured by jointly held collateral limited to that spouse's interest. Where trusts together own 20% or more, each trust gives an unlimited full guaranty executed by the trustee with the trustee certifications, and the trustor (every donor is treated as a trustor) also guarantees personally. The six-month lookback keeps anyone who was a required guarantor in the 6 months before application subject to the rule unless they fully divested and severed every relationship with the business for the life of the loan (post-sale percentages govern 7(a) partial changes of ownership). The Lender may require further full or limited guaranties from critical individuals or managing entities, choosing and stating a Form 148L limitation option, and obtains personal financial statements dated within 90 days of approval (except from supplemental guarantors) and entity financial statements.
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