Over half of small and medium-sized businesses are unaware of the amount of financial support available from the government, according to research by the Asset Based Finance Association (ABFA).

56% of respondents revealed that they have not heard of the Enterprise Finance Guarantee Scheme, Working Capital Scheme or the Capital Enterprise Fund, all of which have all been developed by the Government to provide financial support to small firms.

"Over the last few years, the Government has stepped up to support UK SME organisations through various schemes. Unfortunately there is a severe lack of understanding among this group about what financial support is actually out there," said Kate Sharp from ABFA.