Try and let the lender know that you are having difficulties and try to work something out with them. If the loan goes into default, demand will probably be served on the guarantor as well as you so make sure that you keep them informed.
Will my guarantor need to own property?
In most cases a guarantor loan will be supported by property. A vehicle or company security may also be considered however.
Who can be my guarantor?
Usually this will be a family member or anyone close to you that is willing to support you.
If you do not have a person like this you may find someone prepared to be a guarantor in return for a share of the business.