Author: Kat Heubeck
Tags: access to finance
As a business owner, you may be asked to provide a ‘Personal Guarantee’ when raising finance for your company, which means if your business struggles you could be at risk of the lender seeking recoveries from your personal savings and estate. Personal Guarantees are an important component of acquiring finance for your business but the risk can be significant.
38% of SMEs have some form of external business finance in place, and a significant proportion will have been required to sign a Personal Guarantee.
It’s a very scary thing, signing a Personal Guarantee for your business, and few people would be totally comfortable with the risk involved no matter how secure their business is.
Luckily FSB Insurance Service has sourced a Personal Guarantee insurance product that will cover you in the event a lender calls on it following insolvency, and it can insure Personal Guarantees for both secured and unsecured loans. This gives you the backing you need to help you focus on the growth of your business without risking your personal estate.
To find out more about this product, and whether it’s the right decision for you, can call FSB Insurance Service on 020 3883 7976 and ask about Personal Guarantee Insurance to get your 5% discount off the premium.
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