For small business acquisition loans in France, traditional banks usually expect personal guarantees or some form of security because the business itself often doesn’t have enough strong collateral on its own that means owners (or major shareholders) often sign personally to reassure the lender. If you bring in support from Bpifrance’s guarantee schemes (like Garantie Transmission), the bank’s risk is partially covered (often 50–70 % of the loan) which can reduce (but not always eliminate) the amount of personal collateral a buyer has to put up.