Almost one in five (19%) of SMEs said they were unaware of any alternative to bank lending in Close Brothers latest quarterly Business Barometer, compared to 13% who were unaware in the previous study.

Unexpectedly the number of companies that knew of asset finance declined, with just under half now unaware compared to 31% in June.

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Mike Randall, chief executive officer of Close Brothers Asset Finance said ""We found that many businesses still aren’t aware of the full range of funding options available to them. In fact, 44% of those surveyed hadn’t heard of asset finance and a fifth were totally unaware of any alternatives to traditional bank lending.

"That is why we are working with businesses across the UK to further understanding of the wider spectrum of finance options available so that firms will be well capitalised, able to innovate and in a position to proactively pursue growth opportunities."

Innovation

Two fifths of SMEs in the UK said they were unhappy with their current performance, admitting they could be more innovative and proactive in identifying growth opportunities.

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Randall said ""Innovation is a critical part of many firms growth strategies and yet our survey has highlighted that the ability to be innovative is a stumbling block for many businesses. Less than a third of the companies we talked to felt that they are sufficiently innovative. As the economy continues to gather pace, we need to prioritise the creation of a business environment that encourages the commercialisation of new ideas.

"That means financiers investing in small business so they, in turn, can invest in the things that they need to be truly innovative – whether that’s research and development, new machinery, the latest technology or additional staff."