Gloom despite wider access to finance

However, more than 80 per cent believe the situation will not improve further over the coming two quarters.

The survey of 24 senior business people found almost 70 per cent had seen an increase in the use of asset-based lending and invoice discounting.

Ian Marwood, corporate finance partner for Grant Thornton in Yorkshire, said: “The consensus was clear that there has been a positive increase in the amount of debt funding available, but this was from a very low base, and it isn’t believed to be the start of a longer term trend that would see the increases continue.”

“There is an increased reliance on asset based lending, with businesses increasingly looking to leverage debtors, stock and tangible assets, whilst also being very wary of increasing debt in the medium term.

“It is fair to say that there is not a general feeling of optimism about improved prospects for 2012.”