The latest Association of Chartered Certified Accountants (ACCA) and Corporate Finance Network SME Tracker reveals that out of 8,400 UK SMEs, 14% have put off or abandoned their applications for more finance in the last six months, while this rises to 21% among Scottish SMEs.

The tracker, which captures feedback from SMEs through their accountants, revealed that only 36% of SMEs are actively looking to grow in the next six months as they are hesitant about selecting the right finance options available to help them grow.