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 quarterly report on Form 10-Q 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 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)) for the registrant and 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’s most recent fiscal 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 evaluationof internal control over
financial reporting, to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent
functions):
 
 a)All significant deficienciesand 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:
      May
      15,  2008/s/ Carter
      PetersCarter
      PetersChief
      Financial Officer(Principal
      Financial Officer)