Since most people aren't going to leap at the chance to co-sign for a business in trouble, you'll need to make a strong case for the business' ability to recover. The banker or co-signer may want collateral. This can take various forms, from liens on various assets to partial ownership of the business. Satisfying your creditors Meet with each creditor to discuss the debt and your plans for repaying it. As with the bank, you need to be forthright about the business' problems and the solutions you are proposing.
Owners sometimes balk at sharing financial information with creditors.
You don't need to tell them every detail of your business' financial life, but creditors do have a stake in your business, and they're concerned about protecting that stake. If a request for information seems inappropriate or irrelevant, ask as reasonably as you can just why that information is sought. There may be other information that would help as well. The creditor may be willing to accept a lower level of payments if you already have a history of paying on time. A lump-sum, partial payment up front with a restructured payment plan may be a possibility.