Access to the internet is of vital importance to a majority of small businesses, new research reveals.

Some two-thirds of smaller firms use the web for business purposes several times a week, according to the US-based Wells Fargo/Gallup small business index.

The study indicates that 35 percent of respondents believe the loss of online access would have a serious effect on their companies - including 18 per cent who would fear going out of business.

Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo's small business segment, said: "The internet provides an immediate and accessible set of information, resources and services for small business owners.

"Technological innovations are making it possible for small business owners to more easily manage their finances and obtain timely information online."

Companies use the web for purposes which include gathering information and industry advice, online banking, social networking and marketing, the survey states.

Products aimed at small businesses which are offered by Wells Fargo include loans, credit cards and current accounts.