29% of SMEs in the UK are planning to seek funding for business investment in the next 12 months, according to the Close Brothers Business Barometer.

The quarterly survey of UK SME owners from a range of sectors revealed that nearly half (47%) of the businesses planning to seek funding hoped to borrow up to £50,000 (€68,800), while a further 34% were planning to apply for funding of between £50,000 and £100,000.

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In addition, it was found that 18% of these companies were planning to apply for finance of more than £100,000.

The study showed that more than one in ten (13%) SMEs missed a business opportunity in the last 12 months due to lack of available finance, with just under half (48%) of these SMEs missing multiple opportunities.

It was also found that 25% of UK SMEs, 1.35m businesses, are expecting to expand over the next 12 months, with 56% (3.02m businesses) expecting business performance to stay the same.

Mike Randall, chief executive officer of Close Brothers Asset Finance said: "Our study clearly shows that investment will be key to a lot of companies in 2016, and we know from our experience in the market that many of these will be using the funding to grow their businesses.

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"With this is mind, it is vital businesses understand what assets or finance are required at all times. This is to ensure no business opportunities are missed and that they successfully manage the future needs of the business. We would urge any business owners planning to apply for investment in the New Year to ensure that they regularly assess their plans and evaluate all of the financial options available to help them find the most appropriate solution to fit their business needs."