What does (PG) Personal Guarantee Mean when speking on Business Credit?

I was on creditboards.com and im watching all of these people speak on PG, I just found out what that means, which is personal guarantee, so what does a personal guarantee mean when these people are referring to getting a line of credit for your business without a personal guarantee?

Answer:
It means that even if your business closes or goes chapter 11 as many do you are personally liable for the debt. In other words if your business doesn't pay they will go for a judgement to lein your personal assests. new business owners always have to sign these it's the norm once your business is established and has excellent credit sometimes you can get away without signing. Like that will ever happen, Good luck, Sign your life away. The rest of us have we've been saving your seat!
a personal guaramtee is worth about as much as the paper its written on and no more. It basically means the person is telling you they will personally repay the money if the company goes bankrupt.
That means that if the business doesn't pay the loan back, than the owner signes a personal guarantee that he/she will pay the loan
Most entrepreneurs shudder when faced with signing a personal guarantee for a business credit card for the first time. I've never really understood how banks can market a product as a "business line of credit" when it's really a personal line of credit. However, since the vast majority of businesses in the country are sole proprietorships, the difference between personal credit and business credit is murky from a bank's perspective. Unless your business is incorporated, you're the de facto guarantor of all business debts. So if your business has a slow sales quarter and you fall behind on your credit-card payments, your personal credit rating and your personal ability to borrow are at risk.
Take a look at a book called, "Evil Money Evil Credit". Is has additional information which should be able to help ya out. There is a blog called, "How To Get Good Credit Gab" at
www. HowToGetGoodCredit.blogspot. com

"BigBoss" and the response from her dad is correct!

PG's are often used by merchant svcs corporations such as Card Service International. IF you fail to pay the fees and become late.it WILL show up on your credit report. Even if you have a "S" corporation.it WILL show up on your personal credit report!

CSI is not the easiest company to deal with in resolving disputes.

Been there.done that!

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