The Finance Apathy Survey, undertaken in partnership with Censuswide, found that six in 10 UK businesses choose their main bank for commercial finance solutions, and only 27% of those turned down by their banks look elsewhere.

The new survey looks at SME’s attitudes towards lending and their awareness of independent finance, with the aim of urging SMEs to explore a variety of alternative finance options.

When analysed geographically, the data shows that over 70% of businesses in the East of England, East Midlands and North East never look elsewhere for their finance, compared with 50% of North West businesses.

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Ed Rimmer, CEO at Time Finance (pictured above) commented: "Operating independently from high street banks, the alternative finance industry offers some of the most flexible commercial finance solutions on the market.

“With a manual underwriting process, which negates the need for strict lending criteria, independent lenders can also be more creative when packaging deals, and can offer solutions to businesses that may have been turned down elsewhere.

“This [research] tells me we have a job on our hands to reach those businesses opting to disengage.

“We know that brokers and intermediary partners play an integral role in educating and supporting UK SMEs, but our data revealed that only 28% of the SME decision makers surveyed had used a broker to access their finance.

“By working closely with broker partners we can equip UK SMEs with a better understanding of the various providers and types of specialist finance available to them, and help them thrive as a result.”