A new poll shows small businesses are less concerned about access to finance than they were this time last year.

Research by Bank of Cyprus UK of 500 firms revealed that just 8% pointed to ‘financing the business’ as a top concern.

That compares with 25% in the same poll last year. It implies that credit markets are healthier, with new entrants providing alternative sources of borrowing and investment.

Other results from the survey show that four in 10 businesses said they would grow in 2015, with 17% claiming to be in a stronger position compared with this time last year.

But nearly a quarter said maintaining or growing cashflow would be their top challenge. Meanwhile, 14% cited growing market competition and said customer retention kept them up at night.

Tony Leahy at Bank of Cyprus UK, said: “The latest results from our OMB Barometer research show that small businesses are confident about their growth prospects in 2015, notwithstanding the day to day competitive pressures they face.

“Unlike this time last year, businesses also appear to have fewer worries about cash flow and access to the necessary finance to support their business plans.”

The positive findings chime with other recent surveys. An index by economists at Markit today revealed the UK’s dominant service sector growing rapidly.

It posted a score of 57.2 for the month of January, much higher than 55.8 logged in December. The figure suggested a “reassuringly robust start to the year for the UK economy,” according to Markit chief economist Chris Williamson.

Figures by the same group on Monday revealed that UK manufacturing is also experiencing solid growth with an index score of 53, up from 52.7 the previous month.

On the Markit index a score above 50 denotes growth – the higher the number, the faster the growth rate.