The availability of finance is a major concern for SMEs with 94% of UK smaller businesses saying the current provision of credit was not sufficient to meet their needs. One in four (26%) said accessing SME credit was complex and 39% cited the high costs of credit, found a review into SME lending by the Financial Conduct Authority (FCA).

SMEs with between 10 to 49 employees continue to find finance markets difficult to navigate and compare few providers when applying for funding, while it is worse for micros and start-ups where more than half do not even apply for external finance, the FCA said.