Measures designed to pave the way for businesses to get improved access to finance have become law following Royal Assent for the Small Business, Enterprise and Employment Act.

But, according to Sacha Bright, the founder and chief executive of the UK's crowdfunding aggregator, BusinessAgent, it is too early for Britain's SMEs to start celebrating.

The law requires banks to pass on details of SMEs which they decline for a loan to online platforms which can help match them with alternative finance providers. This is, of course, with the firm's permission.

Sacha Bright said: "The managing director of the British Business Bank, Andrew Van Der Lehm, admits that there won't be anything in place until sometime in 2016.

"We are in a situation where, according to government figures, first-time SME borrowers face a 50 per cent rejection rate. Many of these businesses are high-growth SMEs operating in a knowledge-based economy and the traditional banks are ill-equipped to help them.

"There are alternatives out there for these businesses, but despite rapid growth in the alternative finance market, there is still a significant lack of awareness. This will only be accelerated by effective signposting from the places where businesses still tend to go first - their bank."

According to Nesta, the alternative finance market provided £1.2bn to businesses last year and although this represents 214 per cent year-on-year growth, it is still only about two per cent of annual UK business lending.

Mr Bright estimates that more than 250,000 businesses could be helped when the legislation is effectively implemented.