The Federation of Small Business has announced a new partnership aimed at improving awareness of funding opportunities.

It has linked up with the British Business Bank and the Institute of Chartered Accountants in England and Wales to create the Business Finance Guide.

The FSB believes the guide will provide smaller businesses and their advisors with a complete overview of their finance options.

Colin Borland, the FSB's head of devolved nations, said there was a clear need to help its member businesses prosper and grow, which is why FSB partnered with the British Business Bank to make the Business Finance Guide freely available to members.

He said the guide was endorsed by all the main bodies representing banks, equity finance, asset finance, alternative lending and businesses.

"FSB members will know how difficult it can be to secure finance," said Mr Borland.

"In fact whilst many small businesses are ready and keen to grow they face a mountain of challenges.

"Barriers like an unwillingness among the big lenders to take on 'young' companies with a higher risk profile; limitations on early stage equity funding; and smaller businesses being unaware of alternative lending competitors can stop small firms from accessing much needed finance.

"A lack of awareness of the options out there can often be the biggest challenge for smaller businesses.

"Whilst our survey results show that progress has been made, with 48 per cent of SMEs having an awareness of six alternative finance options, there is always more than can be done."

To access the guide, visit www.thebusinessfinanceguide.co.uk/fsb.