In interviews with more than 3,000 company owners who employ less than 100 staff per week it was discovered that exactly half of those asked were suffering due to the credit crunch.
Despite 50% of small businesses finding the current economic climate difficult 39% reported that they had not felt any change and 11% said that their businesses had actually grown.
This week the British Chambers of Commerce published a quarterly report which warned of "exceptionally bad" conditions for enterprise.
However David Frost, the body's director-general, revealed that the outlook was more positive for small businesses.
"People who are in niche areas, who have healthy cash balances and are not reliant on the bank tell me they are performing slightly better," he said.
The chairman for the Federation of Small Businesses, John Wright, noted that the picture was not as bleak as has been painted in some news organisations.
Mr Wright believes that small businesses are taking advantage of the fact that they are more flexible and adaptable than larger companies.