I apologize ahead of time... I write a lot. Every. Single. Time. I am sorry.
First of all, a brief history. This is to give you an example of why I said "against all odds." I was a fairly rebellious teen which did not sit well with my father who wanted a normal family. At the age of 17 he threw me to the wolves, and that was the last support system I ever had. Naturally, through my early twenties I made some mistakes. Some were personal, some were financial. I struggled with minimum wage jobs, and the one time I received a credit card, I let my ex boyfriend max it out. He promptly quit his job and left me with the bill, and a two year old boy. So be it. Eventually, I smartened up and realized I would never make it in this world on a minimum wage job. I went to school for business, accounting, and office management. I got married. I had a few more children. Things did not work out with my ex husband, and so I am now a single mother of five. I tried and tried to find work that would utilize my education, and pay the bills, but every place I turned my resume into told me, "No. You do not have enough experience." These were secretarial positions mostly. As you can imagine, I felt very discouraged. Meanwhile, I am still making minimum wage, and had no support system. Naturally, despite the fact that I worked hard, I was never able to afford any assets, save any money, repair my credit, or pay my bills on time.
Fast forward a few years.... I finally found a good job. I was hired to manage a motel with 9 apartments and 24 rooms. I was so excited to be able to build up the experience I needed that I took the job immediately. Even if it only paid minimum wage, the hours alone would put me in a higher income bracket. You can only imagine the horror when my boss offered to pay me a salary that was less than minimum wage. I refused the salary and told him the bare minimum I would need to pay my bills, but he refused to budge. I promised myself I would put one year in, to gain experience for my resume, and then I would look for work elsewhere. I was not making enough to pay my bare minimum bills (rent, electric, water, daycare) so I would have to borrow money from my boss to keep my utilities on. I am not fond of borrowing money because my low income, lack of assets, and zero savings meant that borrowing money would be a debt. After years of poverty, debt is fairly terrifying. Whenever I had to borrow money from him, I would pay him back immediately. He was so impressed at the way I managed the motel, and how quickly I paid my debts up, that he offered to sell the business to me. He even offered to co sign on the loan.
So here I am today. I have what feels like the only opportunity that will come my way in this life time. I love my job (not the pay). I am great at my job! He hired me to be a manager, but I also do every-other-thing involved in running a business. I do the accounting, bookkeeping, payroll, advertising, inventory...etc... He stops in for 5 minutes a day to collect the money, and I run everything else. There are no other bosses. I am over six other employees. Not only do I want this motel, but I need this motel. I feel so much drive!!!! However, I still have no assets. I have no savings. No down payment. Poor credit. I need a financial adviser but do not make enough to hire one. I will need investors, but do not know how to go about getting them. I have the paperwork to apply for the loan, but am unsure how to fill it out. I am working on a business plan. My boss keeps pushing me to get a grant for a single mother, but I have been looking and cannot find one. Meanwhile, I am working 50 hours a week and raising five children. There is a limited amount of time I can research everything!
Is there any guidance any one can give me? Where do I start? Where do I look for these grants? Are there any places that offer assistance filling out loan packages? How can I prove that I can handle the business, and pay the bills, and pay back the loan? How can I prove that the only reason I have struggled is because of lack of income and resources, and not because of irresponsibility? I have had two very small personal loans that I have paid off in full, on time, but I struggled with making payments on a regular basis with one of them. I really am lost, and have no one to turn to for advice. My boss is so accustomed to me handling everything that when I ask him questions he just winks at me and says, "you'll figure it out." I think he is as lost as I am, but doesn't want to admit it. That is exactly how I handled this job from day one. "Sure boss, I got it." Then, panic and google when he walks out the door. Seriously though, I am terrified of losing this opportunity. I know the odds are against me. I know that getting approved for the loan is improbable. I also know that it is not impossible, which is plenty good enough of a reason for me to know that, I will own this motel... if I could just get a little advice.