Wesleyan chief elected to chair Aston Reinvestment Trust
THE chief executive of the Wesleyan Assurance Society, Craig Errington has been appointed as the new chairman of the board of Aston Reinvestment Trust.
Mr Errington, the recently-installed IoD national Director of the Year 2011, takes over from Lowry Maclean, himself a former Wesleyan chairman, who originally succeeded Sir Adrian Cadbury as chair of ART in 2004.
Philippa Holland, retired Director of Government Practice at the Government Office for the West Midlands, has been elected deputy chair. She takes over from Ian Clegg, retired regional director of NatWest who served on the board since ART’s inception in 1997.
Speaking at ART’s AGM Mr Errington said: “I feel honoured to be taking on this new role and following in such great footsteps. ART has strong foundations in place on which the new board can build. There are undoubtedly challenges ahead, but I think there are as many opportunities. With a strong board and experienced staff team, we can face the future with confidence.”
ART is a not-for-profit Community Development Finance Institution (CDFI), which lends up to £50,000 to businesses in Birmingham and Solihull that are unable to secure any or all of the finance they need from the banks.
ART’s president Sir Adrian Cadbury said:”I have been asked whether I expected ART to last this long when we set it up as a pioneering enterprise in the late 1990s. I would say that it is needed now more than it ever has been. “
Steve Walker, chief executive of ART, said 2011 had been an unusual year for the funding body.
He said in the months leading up to the end of the financial year, for the first time in its history, demand for loans was lower than supply, largely due to business confidence being at an all time low.
However, in the last six months the situation had improved and ART had lent more than in any other six-month period in its 14 year existence.
“The banks are still not lending to smaller businesses that historically they would have been fighting over so we are filling a growing gap in the market,” he said.
“Our remit is to support enterprise and jobs in Birmingham and Solihull, offering access to finance for viable small business projects – and we have plenty of money available for the coming year. “
He said the future would remain challenging, but the body would continue to support enterprise in Birmingham and Solihull.
