Yes, Flex requires a personal guarantee.
A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serves as an executive or partner. Personal guarantees are commonly used by lenders, such as banks or Fintechs when making loans to small businesses or startups.
Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for any balance owed.
Personal guarantees provide an extra level of protection to credit issuers who want to make sure they will be repaid, minimizing their risks.