With small and medium-sized enterprises (SMEs) tasked with helping to drive the economic recovery, it appears that many are not benefitting from the financial support they need to fund further investment.

As revealed in a study conducted by Bibby Financial Services, 32 per cent of firms have been unable to secure finance in the past 12 months, while only nine per cent have been granted the full amount that they applied for.

And with 19 per cent unable to raise "the necessary capital to invest in their business", it seems that greater attention needs to be focused on the willingness of lenders to boost Britain's SMEs.

"The results are further proof that businesses desperately require greater access to finance and that to date, schemes introduced by the government to address the issue have failed to work," said Edward Winterton, commercial director at Bibby Financial Services.

While smaller companies continue in their attempts to secure the necessary financial backing, it seems that their business insurance policies will be as important as ever to providing them with an element of protection.