According to the organisation, charges, interest rates and personal guarantees act as a deterrent to smaller companies when applying for such loans.

Phil McCabe, a spokesperson for the FPB, said despite the availability of lending improving slowly, the combination of charges and demands for additional security are combining to create "a significant cost barrier" for viable businesses.

The FPB found that the cost of finance was a major issue for 63% of its surveyed members, while almost one in five (19%) cited it as a very serious concern.

"The tragedy is that, as a result of this, these small firms are often not able to satisfy orders and exploit other opportunities that exist. Many then have no alternative but to close their doors," he added.

Recent figures disclosed to PrintWeek by the department for Business Innovation and Skills showed that nearly £6m had been lent to 54 printers under the EFG.