The report found that across the UK, SMEs with purely domestic customers reported an annual growth of 8.4% over the last five years. In Scotland, this figure was higher, at 11%.

It also found that SMEs that export reported growth as much as 15.2% over the last five years, in Scotland, this was 16%.

Similarly, just under a quarter of Scottish SMEs (22%) said a risk of not being paid by foreign buyers limits the extent to which their business exports internationally.

Late payments are the most critical issue nationwide, with 63% nationally citing it as a barrier to entry. Whilst 52% of payments are made at the point of supply, 45% of sales happen on credit.

This means that at any one time SMEs are owed an average of £64,000 in late payments, with 11% owed between £100,000 and £250,000. The consequences of this can result in damaging ripple effects that have a greater impact on SMEs compared with larger businesses.

In Scotland, specific financial barriers to export include concerns about cash flow or lack of working capital (cited by 19%), the length of time it takes to be paid (21%), the risk of not being paid at all by a foreign buyer (22%) and a lack of information about foreign markets (12%).

The research also revealed that almost three quarters (74%) of Scottish SMEs would find a finance service such as that offered by UKEF to be useful.

In Scotland, where SMEs account for 55% of private-sector employment, only 14% currently export. With growing demand from overseas for goods and services from the United Kingdom, Scottish companies should be capitalising on the opportunity to export.

Yet the research has also confirmed that UK SMEs are not fulfilling their export potential, due to a number of barriers.

It is now estimated that 19% of SMEs nationwide believe they could export but don’t. A total of 60% of potential exporters cite access to finance as a key factor in their export plans.

Liz Truss, MP and secretary of state for international trade, said: “Finance is a key barrier coming between SMEs and their export potential. If small businesses were to export more, Britain would see even more stronger economic growth.

“In its centenary year, UKEF continues to enable companies from across the UK to expand their global reach by helping them succeed abroad. That’s why it is at the heart of my plan to get businesses ready to trade as we leave the EU.”