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Adam Deering, 39, Buys Bank That Refused Him Loan Of Shs48 Million

Businessman Adam Deering, 39, Buys Bank That Refused Him Loan Of Shs48 Million

A 39 year old businessman identified as Adam Deering from United Kingdom was refused a loan of  £10,000 (approximately 48 million Uganda shillings) when he was aged 22, and 17 years later, the English man decided to buy the bank.

According to Elite Readers Reports, Adam Deering was denied a loan as the bank thought he was very young and had no experience at a time.

Seventeen years ago, the young businessman approached the bank in need of money to invest in his business idea, but he faced a major rejection, something that didn’t discourage him from pursuing his dreams.

The businessman who is now 39 years old owns 5 multi-million businesses in UK. He bought the bank with the sum of £450,000 (approximately Ugx2.1 billion).

It was not easy for Adam to become successful as his wages could hardly make ends meet after he was refused a loan.

Without the money, I spent four months cold calling people from the floor of a small office because I couldn’t even afford a desk and a chair. Those early months were so difficult, not knowing if I was going to be able to make it work and not knowing if I’d be able to pay my bills,” He recalls.

Adam Deering is planning to turn the building of the bank into a residential unit and mixed retail.

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