Entrepreneurs in the UK have invested £16bn of their personal savings into their companies to keep them operating during the recession, according to new figures released by specialist insurer Hiscox.

The data reveals that 20% of small business bosses invested, on average, £17,000 of their own savings while more than a third cut their own salary to increase their firm's cashflow.

Having survived a difficult year expectations of 2010 are now cautiously optimistic. Over half of bosses report feeling positive about the year ahead and a quarter say they will expand their businesses in 2010.

"SME bosses have been the unsung heroes of the recession. They have made enormous sacrifices and taken significant personal and financial risks to pull their businesses through the last two years," said Alan Thomas, small business expert at Hiscox.