SMEs should be encouraged to grow their businesses overseas, according to business e-lender Everline.

In its latest annual business survey, Everline and the Centre for Economics and Business Research (CEBR) found that 17% of SMEs in Britain plan to expand abroad in the next 10 years.

Russell Gould, Chief Operating Officer at Everline thinks more needs to be done to encourage businesses outside of London to look overseas.

The research found that the gap between small businesses in the capital looks set to double over the next ten years.

It said they expect revenues to increase by an average of 44% to £528,000, twice the £263,000 turnover expected in the North.

Russell said: “Although the number of small businesses planning on expansion overseas is hugely positive, more could be done to encourage small businesses in this area, particularly outside of London.

“The latest Annual Business Survey figures show that a third of medium sized businesses and 41% of large businesses currently take advantage of export growth.

“Small businesses should work with industry bodies like the UKTI (UK Trade & Investment) to see what opportunities exist and get advice on how to grow their business overseas.”

Although current figures appear promising, the UK looks set to miss the government target of increasing annual exports to £1 trillion by 2020.

Sam Alderson, Economist at CEBR, said: “While the increase in the number of small businesses looking to expand overseas is encouraging, the share remains relatively low.

“Given that tapping into the export potential of the UK’s small business community could provide a major boost to exports, encouraging small firms to look for opportunities overseas should remain a key priority in coming years.”

The government announced yesterday that it was launching a 5-year programme to get 100,000 companies exporting services by 2020.

The opportunities are available online and could be worth up to £300m to UK businesses, with around 1,000 set to be available each month.