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Hellawell, from Yorkshire-based Connect Business Finance, has been finance director of the association for the last three years and was deputy chairman during 2008.

Following an election of directors at its annual general meeting in November, Hellawell was appointed as chairman at the first board meeting of the New Year.

Adam Tyler, chief executive of the NACFB, said: "The NACFB is facing its most challenging year ever as the impact from the initial 'credit crunch', and now the impending recession, has hit commercial finance brokers hard.

"It has never been so important for the association to have a strong board to help and guide its members during this very difficult period."

Hellawell said: "I have been a member of the NACFB for 13 years and have always admired its aims and objectives.

"When I joined in 1996 I never imagined that one day I would become chairman and I regard it as a great honour and privilege to be elected to this position for the next two years.

"I am under no illusions that this will be a tough time but I am determined that we will get through and it is my aim to hand the Association over in good shape at the end of my term."