A recent study by the Federation of Small Businesses (FSB) reveals that SMEs in the UK are split on whether they should leave or stay in the European Union (EU).

Of the 6,263 small businesses surveyed, 47% said they would vote to keep the UK in the EU, 40.9% said they would vote to leave, and 10.7% were undecided.

But what are the benefits of remaining in the EU, and would it be more beneficial for SMEs if the UK were no longer a member?

Russell Gould, Chief Operating Officer of business e-lender Everline, believes that opinion is divided because there is simply no straight forward answer.

He cited key initiatives such as the European Investment Fund (EIF) as a major benefit of staying in the EU.

In 2013, the scheme provided Everline and its sister-brand. Ezbob, with a £6m guarantee program, followed by a further £40m investment this year to support new loans for UK SMEs.

Russell said: “Support like this is crucial to ensuring lenders like us are able to open up a new portfolio of loans to the currently under-served small businesses which account for 99.3% of all private sector business in the UK.”

However Russell believes that more advice needs to be given to SMEs on the benefits of leaving or staying before business owners can make an informed decision.

He added: “Ultimately, more information is needed to help small businesses understand the impact their vote will have on their business and the UK economy as a whole.

“We have at least until next spring before a referendum is called, so government and industry bodies need to ensure everyone is armed with the facts to inform what could be a more important decision than the general election for British business leaders.”

It is a view shared by the FSB. 

Mike Cherry, FSB Policy Director, said: “Regardless of what a firm's current position is, there is a shared message that small businesses feel they lack clear, impartial information on which to form their views.

 "This is only the beginning of our work to support our members throughout this complex debate.”