The firm cited figures which showed that in 2015, banks turned down 26% of the 324,000 loan applications made by small- and medium-sized enterprises (SMEs).

By contrast, more than 1.6 million people have lent money directly to a friend or family member to help them start or grow a business.

In total, the public has provided some £7.2bn to their close acquaintances, with an average loan size of £4,479.

Kevin Caley, founder and chairman of ThinCats, said: “Since the financial crisis in 2008, SMEs have had a pretty torrid time sourcing finance from traditional avenues, so it’s inevitable that some business owners are turning to friends and family for help.

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“However, this sort of lending comes with all sorts of personal and emotional baggage, and it’s important that anyone in this position knows there is a healthy alternative finance market out there, with greater flexibility to lend when the banks will not.”

Kevin suggested that with £3.4bn lent to British businesses since 2014, P2P platforms could help to further close the business funding gap.

ThinCats’ claims follow the launch of a new alternative finance matchmaking service, which will require banks to direct borrowers towards specialist lenders if they themselves are unable to help.

“The good news is, this tightening of lending from banks has encouraged us to become a nation of P2P lenders, giving everyday investors the opportunity to make healthy returns through the emergent alternative finance sector,” Kevin added.

“Over 160,000 people have already lent money through a P2P platform, and based on the 1.6 million already doing so through loved ones, we could well see many more.”