The new research of SME owners across the UK from one of Europe’s largest business lenders also finds that three in ten (27%) SMEs are now using products like ChatGPT across their businesses, and three times as many leaders of small companies believe AI is a positive development for their company than think it will be negative. When asked to put a figure on the number of hours small business bosses think their company can save by using artificial intelligence, one in every five (21%) thinks their company can save at least ten hours a week. While Iwoca’s research with SMEs shows the potential of using machine learning, the UK's 5.5 million small and medium-sized companies are also wary about how AI will be used. Over half of small business leaders (51%) feel nervous about using AI in their company, twice the rate of those who don’t feel apprehensive (23%). Meanwhile, three in ten (28%) believe artificial intelligence could ruin their business model.