New research from SME lender Liberis has found that 62% of UK SMEs required funding to expand, but 57% were unsure which provider to obtain finance from.

Businesses highlighted that the speed of funding was an integral part of achieving this growth.

More than one-fifth of businesses (22%) required funding to maintain their day-to-day business, while 5% needed finance to survive past the first year of business. 

One in 10 SMEs (10%) was looking to fund their business using crowdfunding.

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Rob Straathof, CEO at Liberis, said: “These findings have opened our eyes to a lack of confidence and awareness among SMEs in how to correctly secure the funding they so desperately need.

“Funding will continue to be a hot topic for the small business community, but urgent action and collaboration is crucial to prevent resulting damage to the UK economy.

“Without sufficient financial education and support, the UK’s business ambitions will be severely affected, but by ensuring they have the correct financial understanding, we can help secure and strengthen their livelihood; fast tracking their ambitions.”