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Besides collateral, your lender may also ask for some form of personal guarantee from you, the owner of the business. In other words, if you cannot repay the loan from the proceeds of your business, you must repay it from personal funds.

You may ask, “Do they really need three sources of repayment?” Perhaps not from a mere bookkeeping point of view. What they really need, what they secure by asking for three forms of repayment, is the assurance that you are motivated to repay your loan. You have to admit that the thought that they could tap into your assets or even your personal bank account is a powerful motivator. By allowing them three sources of repayment, you prove that you are both able and highly committed to repay your loan.

When applying for a loan, you will, of course, want to be as persuasive as possible. But never do so at the expense of the truth. Do not inflate your assets or your projections. If anything, underestimate your projections. Why? Not only is it unethical to overstate your financial status, it’s illegal.