The National Association of Commercial Finance Brokers (NACFB) has reported a large rise in SMR funding enquiries.

The NACFB’s findSMEfinance platform has seen enquiries for finance total more than £20m since the start of August, exceeding £2m per day. That ids the same amount of funding requested during the whole of July, and twice the level over the same time period in August 2015, with the number of enquiries up by two-thirds.

The average size of loans being requested in August has also been significantly higher than during any month last year. According to NACFB figures, the average loan size requested so far during August is £128,000; that’s compared to £73,000 in July and £94,000 in June, pre-Brexit.

Adam Tyler, chief executive of the NACFB, said: “Project Fear doesn’t appear to have rattled the SME community. August is typically a quieter month for funding applications, but businesses aren’t procrastinating, and are showing a real appetite for growth, even with the uncertainty surrounding our future relationship with the EU.

“UK SMEs are the lifeblood of this country, but if they’re going to take advantage of the opportunities presented post-Brexit, the alternative funding sector has a vital role to play, particularly as we look to broker new trade agreements with countries outside the EU.

“It’s also important that the government drums home the message that there are many routes that SMEs can take to find funding. There is some caution out there about who is lent to, but there are more lenders than there’s ever been in the commercial finance sector who are happy to provide finance.”