DO EQUITY INVESTORS HAVE TO PROVIDE A PERSONAL GUARANTEE ON AN SBA LOAN?

I have private investors that are interested in helping to fund my acquisition, which is great. I plan on funding the rest of the acquisition with an SBA loan. However, I read in the SBA deal terms something about a requirement for anyone who owns more than 20% of the equity to also sign a Personal Guarantee. My investors are interested in investing... but less excited about the idea of providing a PG on a business that they aren't actively involved in operating. I know I will have to sign a PG. Does anyone know for sure if outside investors have to sign one as well?



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