On the business loan you are are offering a guarantee in the event the loan defaults, then the lender will go after you. Its similar to VA insured loans. The VA is never on the loan the VA told the lender that the VA could be sued for the loan if the borrower defaults.

As for double dipping it’s not really. If you take a business loan and put any of the money in your pocket without a dividend or disbursement you’re stealing from the company. Also, if you default on your business loan your personal property will be up for grabs, i.e. force a sale for your equity. If you default on your personal loan the business assets are safe as long as no one can pass the corporate veil.

The “get rich scheme” here is to use leverage to control an appreciating asset. That only works when the asset appreciates. More like using your credit to speculate.