Yes!
Your business is liable to repay the loan in full by the end of the agreed term, which is a maximum of six years.
If your business gets into difficulty and cannot meet the repayments, your lender will try to recover the debt from your business. Only then, can it claim under the government guarantee for any shortfall. Lenders aren't, however, allowed to see personal guarantees from directors or try to recover the debt from a director's personal assets, for example, the family home.