**Exhibit
      31(i).2**


**Certification
      of the Principal Financial Officer**


**Rule
      13a - 14(a) of the Securities Exchange Act of 1934, as
      amended**





I,
      Bruce
      Winston, 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)
      [Reserved - not effective]





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 evaluation of
      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 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: November
      14, 2005


/s/
      Bruce Winston


Bruce
      Winston


Chief
      Financial Officer


(Principal
      Financial Officer)