A business owner who was once told he was too young and inexperienced to get a $13k business loan has bought the bank’s building nearly two decades after they turned him down.
39-year-old Adam Deering is a successful UK-based entrepreneur who was determined to start his own business when he was just 21.
After quitting his sales job, the young man came up with a concrete plan for his business before requesting a £10,000 (appx. $13,000) loan from a local bank.
As Deering insisted, he was devastated after the staff told him he was “too young and inexperienced” for the bank to take a risk and invest in his business by approving his loan application.
“I presented them with a comprehensive business plan and asked for £10,000 but the bank manager didn’t seem to take me seriously at all. I’d put my heart and soul into the business plan and I remember having my fingers crossed under the table as I nervously waited for the manager to go through it,” the businessman recalled.
“I was devastated when she told me I was too young and inexperienced and there was no way they could take a risk on me. 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.”
After months of hard work, however, Deering’s debt management company finally kicked off and grew into a multi-million business.
In 2014, the businessman, who has established a series of multi-million companies including Pride Planning and Hanover Insolvency, sold his first business for a whopping £5 million ($6.5 million).
Besides running multiple businesses, Deering has also become a motivational speaker.
Perhaps the sweetest of all of his career moments, however, was when Deering got back at the bank that once refused his $13k business loan by buying the building they were located in.
As the entrepreneur revealed, he aims to convert the place into a mixed scheme that will feature eight apartments and one retail unit.
“When I was turned down for the loan, it was tough but because I had a dream and I was so focused on achieving it, I made it happen anyway,” Deering concluded.
“To me, buying the bank building brings things back full circle and it shows that I was right to keep believing in myself.”
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