A survey from Independent Growth Finance (IGF) has shown 90% of UK SMEs expressing concern over the potential effects of Britain’s departure from the European Union.

In the ‘Powering Freedom’ study of 500 UK SMEs, over a quarter (26%) named Brexit as their biggest challenge. Findings suggest architecture (36%), IT (34%) and manufacturing (32%) companies are the most concerned about Brexit with more than twice as many companies highlighting it as their biggest issue in comparison to HR and education sectors.

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Just over seven in ten businesses reported they will be seeking new funding in 2019. On average, SMEs are looking to secure more than £1m over the next 12 months. Over a quarter of SME leaders are expecting growth of their revenues to be 10% or more in 2019.

John Onslow, chief executive officer of IGF, said: “Brexit has dominated the political and business headlines for more than two years. Yet still thousands of UK business owners across the country remain unclear on what the economic future holds.

“In true British spirit, many UK business leaders are taking control of their own destiny, bullish about the future of their companies. Our research of business owners turning over between £1m to £500m annually found many are targeting ambitious investment to enable growth.”

Seven in ten UK SMEs expected growth in 2019. While traditional bank funding remains a top source for most organisations (65%), more than a quarter (27%) say they now use invoice financing and 22% asset–based lending.

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In identifying any concerns over Brexit, 60% of respondents identified any impact on the UK economy, 36% on the rate of imports and exports, and 23% on potential increased labour costs.

In October last year, IGF agreed a wholesale funding line of undisclosed size, syndicated by a group of high-profile commercial lenders and the British Business Bank. A senior finance facility has been provided to the asset-based lender by RBS, HSBC and ABN Amro Commercial Finance, along with the BBB’s British Business Investments division.