Almost nine out of ten financial advisers have rated small businesses' understanding of the range of finance options available to them as 'average' or below, according to research from Bibby Financial Services.

This is an increase of 14% from last year's survey, and an increase of 18% on 2007's, highlighting an alarming trend that understanding of financial options among small and medium businesses may be worsening.

: "It is evident that not only is there a lack of knowledge among small and medium sized firms with regard to accessing finance, but that the range of options available to businesses is perceived as limited, and this is certainly a cause for concern," said Edward Rimmer, UK chief executive of Bibby Financial Services.