British SMEs are owed £67.4bn in unpaid invoices, according to the Asset Based Finance Association (ABFA).

Recent research has shown manufacturing and construction SMEs are among the sectors owed the most.

The figure is an 8% increase from £62.5bn last year, and a 26% increase from £49.5bn in 2011.

Previous research from the ABFA has shown SMEs are now waiting an average of 72 days for payment invoices, up from 61 days from the height of the recession in 2009.

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The Association says businesses should not view the figures as detrimental to their cashflow, but as a valuable asset which can be used to unlock funding.

Jeff Longhurst, Chief Executive of the ABFA, said: "The scale of unpaid invoices to Britain's SMEs has become enormous, but there is no reason for it to become a barrier to investment and growth."

"Businesses need to recognise that their unpaid invoices are an asset. In many cases, they are the most valuable asset an SME has, and they can be the key to unlocking critical and affordable funding."

"Invoice finance is playing a bigger role than ever in funding British and Irish businesses' growth, and it is now an established part of the funding mix for a huge number of SMEs. But it can also help many more businesses."

(LM/CD)