Nearly half of small and medium-sized enterprises (SMEs) have cash reserves available, but many see the economic climate as too uncertain for investment, according to research from Venture Finance, an invoice and asset-based lender affiliated to bank ABN AMRO’s commercial finance group.

While 47% of SMEs have cash available to invest, 45% feel investment in the current economic climate is uncertain and 56% would feel uncomfortable borrowing cash at the moment.

The majority (67%) say that they are not currently recruiting, with 31% reporting no current plans to grow.

SMEs with cash available report an average of £190k in reserve, with 61% using this as a buffer against future problems.