SBA Form 148L Instructions
The SBA Form 148L is used whenever the Lender wishes to limit the scope of the Guarantor's liability for the loan. This may include limiting the duration of the Guaranty, the amount of the Guaranty, or limiting the Guarantor's obligation to their interest in any assets pledged to secure the repayment of the 7(a) loan.
The 7(a) Loan Authorization must provide information on whether the Guaranty is limited or not. Each Guarantor is required to complete and submit a separate Guaranty form in order to give the Lender more options when planning to liquidate a loan if that becomes necessary.
The SBA 148 and SBA 148L are among the set of forms required to close an 7(a) loan. The other closing forms include the following:
- SBA Form 147, Note - 7(a) Loans;
- SBA Form 159, Fee Disclosure and Compensation Agreement;
- SBA Form 601, Agreement of Compliance;
- SBA Form 722, Equal Employment Opportunity Statement;
- SBA Form 1050, Settlement Sheet (Use of Proceeds Certification);
- IRS Form 4506-T, Request for Transcript of Tax Return.