Defaulting as a Limited Liability Corporation?

I am starting a small, experimental business in Ontario as an LLC, that looks good on paper but I know is risky. If I take a small loan ($50,000) from a bank or another creditor, with little collateral (my assets are not worth much, less than $10,000), and if my business fails/bankrupts early.. what happens then?... show more I am starting a small, experimental business in Ontario as an LLC, that looks good on paper but I know is risky.

If I take a small loan ($50,000) from a bank or another creditor, with little collateral (my assets are not worth much, less than $10,000), and if my business fails/bankrupts early.. what happens then?

Does the lender take the loss? Is there any liability on me personally?
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