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Sba 148 Form: What You Should Know

Limited Guarantee — SBA The following instructions are for those who must provide guaranty of a private-label loan to an individual. Note that the guaranty cannot be provided to an organization.  This requirement may result in having SBA Lenders refuse to offer a loan and/or not credit the applicant for it. If you are required to take this form, we cannot provide a specific answer on what you need to include in the form. However, SBA Form 148 (the standard Guarantee) must be properly completed and clearly marked as confidential. SBA Form 148. 148L  Instructions For Use Of SBA Form 148, Unconditional Guarantee And SBA Form 148L, Unconditional Limited Guarantee If you wish to provide a guaranty of a small business loan, you need to complete one of these forms.  NOTE: Please note that each form is to be used within the period in each of the loan documents.  Use one SBA Form 148  for a Limited Guarantee or “Limited Guarantee of Your Choice”; or,  Use one SBA Form 148L, Unconditional Guarantee, or “Unconditional Limited Guarantee of Your Choice.” The instructions below are for “Limited Guarantee,” “Unconditional Guarantee,” or “Unconditional Limited Guarantee of Your Choice.” (The “Limited Guarantee” form is typically used when the authorization requires the loan to be up to 90-days or longer.) The SBA forms require the following information: The name of the small business that will be guaranteed (the name under which a private-label loan is administered) the total amount to be guaranteed the type of the business (a small business must identify the type of business that they wish to guarantee in the Authorization or a reference to any other information regarding the business is acceptable) the amount that will be guaranteed, and the terms of the guarantee (e.g., any covenants, conditions, or restrictions to ensure that the guaranteed loan will be paid, including but not limited to a condition that the guaranteed fund will not be used as a personal line of credit) and a signed, dated, original copy of the Authorization.

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