Exhibit 31(i).2





Certification of the Principal Financial
Officer


Rule 13a-14(a) of the Securities Exchange Act of
1934





I, Carter
Peters, certify that:





1.  I
have reviewed this annual report on Form 10-K of Guaranty Federal Bancshares,
Inc.;





2.  Based
on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading
with respect to the period covered by this report;





3.  Based
on my knowledge, the financial statements, and other financial information
included in this annual report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;





4.  The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the
registrant and we have:





a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;





b)Designed such
internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles;





c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation;
and





d) Disclosed in this report any change in the
registrant’s internal control over financial reporting that occurred during the
registrant’sfourthfiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and





5.  The registrant's other certifying officers
and I have disclosed, based on our most recent evaluation of internal controls
over financial reporting, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):





a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information; and





b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal control over financial reporting.




Date:
      March 31, 2008
              By:
              /s/
      Carter
      PetersCarter
      PetersChief
      Financial Officer(Principal
      Financial Officer)