Signing a personal guarantee or to be a personal guarantor for your business, is a norm for businesses when applying for commercial loan or some bank facilities. Needless to say, this is part of business when you need funds for business expansion, purchase of assets, as working capital and a whole lot of other business requirements. Personal guarantee is unavoidable in some situations, but do you really know what you are getting into when you sign as the personal guarantor with the banks?
Do you have answers to the following questions?
- What is your risk tolerance?
- Do you know how to negotiate the terms of personal guarantee with the bank?
- Have you set limits on your personal guarantee?
- Will your family be pulled into this as a result of you being the personal guarantor?
- And a whole lot of other very important questions.
If you need more clarification and consultation on how a Personal Guarantee Insurance will benefit your business in Singapore, please feel free to contact us.
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