What is a "Guarantor" on a business loan and what are the pros and cons of mortal one?

You'll get stung and own nothing to show for it similar to my Father in regulation did when he co-signed for my brother-in-law and my brother in decree had an coincidence with no insurance! Don't do it ever!

It funds if that person who take out the loan defaults you settle up.

Answers:
Being a Guarantor on a loan means that you are one-sidedly responsible for this debt if the business cannot pay. When you are a latest business or do not have any business credit most lenders will require the business owner or president to intuitively guarantee the loan if the business cannot be paid. The cons are that if the business cannot settle the debt then the Guarantor is the subsequent in strip for responsibility on the loan. There are not a lot of pros bar you are showing a commitment to the business and will personally guarantee the payments will be made prompt, which will make it easier to bring a loan. Some business cannot get a loan because the owner or president will not guarantee the loan.
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