Over half the transport firms planning to secure bank lending in the next 12 months fear their request will be turned down, according to the results of the latest Close Brothers Business Barometer.

Around four in 10 UK transport firms plan to seek lending for business growth in the next year, suggests the quarterly survey, but many in the transport sector are unsure how to fund their plans with over a third of transport bosses admitting their knowledge of funding sources could be better and 15% being completely unaware of any alternatives to bank lending.

The survey suggests access to cash is still a major challenge for many in the sector, with one in 10 respondents claiming it is crippling their business.

“For many, accessing finance can seem like a daunting task,” said John Fawcett, MD of the transport division at Close Brothers Asset Finance. “Our findings would seem to suggest that firms do not have all the information when it comes to financial planning and many are failing to find appropriate alternatives to bank lending.”