Nick Furlonge, Director of Risk Management at Beazley and Chairman of Lloyd’s Community Programme and Tim Heath, Chief Executive of East London Small Business Centre planted the oak sapling. "We are delighted to mark the twentieth anniversary today with the planting of the oak sapling, which symbolises the sustainability and growth of this successful partnership,” said Nick.
The partnership originally began with the setting up of the Lloyd’s Loan Fund in 1987. The Fund was started in response to the high unemployment in Tower Hamlets, with Lloyd’s having the foresight to try and tackle the deprivation on its doorstep by setting up the Lloyd’s Loan Fund.
The Fund was started with a grant of £50,000 and was co-ordinated by the Tower Hamlets Centre for Small Businesses, now known as East London Small Business Centre which is based in London. The key objective was to provide loans for small businesses that were unable to find financial support from traditional sources such as high street banks.
HRH The Prince of Wales gave his seal of approval to the Lloyd’s Loan Fund in July 1987, when he presented the first cheque from the Lloyd’s Loan Fund for £3,000 to two young businessmen who were setting up a business to provide computer services. To date, over 100 businesses in East London have been helped through the Lloyd’s Loan Fund. Through additional financial support from Lloyd’s Community Programme, 100s of people have also been able to access training and services to enable them to set up successful small businesses.
The planting of the oak sapling had particular significance as it was originally presented to Lloyd’s Community Programme as part of the Business in the Community Silver Jubilee 2007 Award, which was won in recognition of the success of the partnership.
Tim commented: “It is a great achievement that the partnership between Lloyd's Community Programme and East London Small Business Centre has continued and grown over the last 20 years. Lloyd’s support has so far helped 126 businesses start up with vital capital, with the additional support leading to more sustainable businesses in the local community.”
