There have been many articles written on the topic of the “Personal Guarantee” as it relates to commercial loans. Traditionally, when a business owner comes to a bank requesting a commercial loan, one of the requirements is the owner’s Personal Guarantee. In a nutshell, the bank wants the owner’s promise that if the business fails to generate enough income to repay the loan, the owner(s) will step up and make sure the obligation is satisfied.
This requirement is often a sticking point in the negotiation process. Business owners are reluctant to put their personal assets on the line and banks are reluctant to provide financing when it appears the business owner doesn’t fully stand behind his/her business.
In some cases, the Personal Guarantee may not be required. If the business has been around for a long time with documented financial strength or if there is a significant banking relationship already established, the bank may forgo the Personal Guarantee. For small businesses that have only been around for a short period of time or have a history of financial ups and downs, banks will, in all likelihood, require the business owner(s) to sign a Personal Guarantee.
This document is a promise to repay the company’s debt and to insure the bank’s interests are protected. There are no liens filed and no collateral pledged.
However, if the business income cannot support the debt, or the business goes under, the owner(s) need to be prepared to utilize personal assets to repay the loan.
Banks want to help you. We want to see your business succeed. We also want the same commitment from you that you expect from us. We believe in you and your business.
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The Star-Spangled Sailabration celebrated the bicentennial of the War of 1812 and the writing of the Star-Spangled Banner. From 1st Mariner Bank's Canton branch and headquarters, we had a fantastic view of the tall ships and naval vessels sailing into the Inner Harbor, as well as the U.S. Navy Blue Angels practicing their aviation acts. Here are some shots taken by a few of our talented employees.
One of the first naval ships sails its way into the harbor. Hello, Sailors!
Tall ships from all around the world graced us with their presence during the Sailbration.
Uh oh...are we under attack?!
Nope, that's just the Urban Pirates Family Adventure Cruise...whew!
Beautifully lit tall ships at night.
Passing by Fort McHenry.
The American flag of 1812.
Zipcars only? We may have a problem...
The U.S. Navy Blue Angels zoom around the harbor in impressive formations...and they are only practicing here!
The U.S. Navy's "Leap Frogs" parachute team in action.
The Leap Frogs come to a graceful landing in Patterson Park.
The 1st Mariner Bank team wishes you a safe and happy Independence Day! Be sure to read Tricks to Throwing a Budget-friendly Barbeque if you are planning a cookout!
With local temperatures blazing into the three-digit range, this large-scale power outage couldn't have come at a worse time. Now, three days after the storms that caused the outages, many are still without power, and it could be several days before power is restored. The freak storm winds knocked trees not only into power lines, but also into cars, homes and other buildings. This isn't the first time we've seen a natural disaster cause such damage and distress, and unfortunately, it won't be the last time.
At this point, the best thing you can do is ask yourself, "Was I prepared for this?" If the answer is no, it's time to prepare yourself for next time. Take a look at your current auto and home insurance policies. Do you have all the coverage you feel you need? Would you be covered by damages caused by natural disasters? If you do have all the coverage you feel you need, it is still important to shop around and gather quotes from different companies every so often to be sure you are getting the most competative rates.
Are you one of the unlucky millions without power? Whether you are lucky enough to be reading this from your air conditioned home, or if you are sitting in your running car, reading this from your phone as it is charging, everyone should take a look at these gadgets that are helpful during power outages. One of our favorites from this list: a solar cell phone charger (so you don't have to keep your car running).
How is your food situation right now? If your power has been out for three days, do you have to throw out everything in your fridge? Here is a great guide to which foods are safe to keep and which should be discarded.
With this severe weather, your best solution to staying safe from the heat is to escape to a place that has air conditioning (shopping mall, movie theater, friend's house, etc.) When you are at home, stay in the lowest level of your home where it will be the coolest, and drink lots and lots of water, even if you aren't thirsty.
Here are some additional power outage and heat safety resources:
And once you know you are safe: