SBA Form 148L Unconditional Limited Guarantee

What Is SBA Form 148L?

SBA Form 148L, Limited Guarantee - or the Unconditional Limited Guarantee - is a form completed by a Guarantor of the loan that contains an unconditional promise to pay the debt owed on the loan if the Borrower fails to pay it. By signing the form the Guarantor agreed to pay all amounts owed under this Guarantee upon receiving a written demand from the Lender of the loan.

The latest version of the form was released by the Small Business Administration (SBA) in October 1998. An SBA Form 148L fillable version is available for download below.

The SBA Form 148 (Unconditional Guarantee) is a related form used for obtaining a loan guarantee from the Guarantor and is used when the 7(a) Loan Authorization requires a Full Unsecured Guarantee or a Full Secured Guarantee.

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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:

Download SBA Form 148L Unconditional Limited Guarantee

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