Buying a Business with a Contractor’s License or Professional License using SBA Financing
SBA lenders have specific requirements for construction or contractor acquisition loans and all businesses requiring professional licensing.
The SBA recently issued guidance clarifying the licensing requirements for businesses with Contractor Licenses and professional licenses, confirming that the Seller may not act as the RMO (Responsible Managing Officer), RME (Responsible Managing Employee), or license qualifier of the business post-closing. The SBA also stated the RMO or RME must be a buyer listed on the purchase agreement with equity in the business and be a signer on the loan. SBA lenders cannot accept an employee RME.
read more: https://www.pbsbrokers.com/buying-a-business-with-a-contractors-license-using-sba-financing/
Check with your SBA lender for their specific licensing requirements.
California Contractor License Information and Resources
California CSLB Contractor License Classifications
Work Experience Requirements for California Contractor Licenses
Acceptable Work Experience Documentation for California Contractor License
CSLB website – Before Applying for Your Contractor License Exam info
CSLB website – Apply for your Contractor License Exam
Contractor License School & Services – Contractor State License School and Consultant
SBA Learning Resources for Entrepreneurs & Small Business Owners
SBA THRIVE Program for Emerging Leaders
SBA Education Series Dashboard
FBN (Fictitious Business Name) aka DBA filing
Orange County Fictitious Business Name (FBN) filing
Los Angeles County Fictitious Business Name (FBN) filing
San Diego County Fictitious Business Name (FBN) filing
Riverside County Fictitious Business Name (FBN) filing
Business Licenses
Contact City offices for local business license requirements.
Healthcare Licensing
California Home Care Services Licensing
California Department of Public Health Licensing & Certification Program