Ahead of the chancellor's Budget, the specialist bank has suggested the product could follow a similar model to the Help to Buy Isa, whereby the government provides a guaranteed 25% matched bonus to deposits between £50 to £200 per month.

The bonus would be capped at £3,000.

The bank has also suggested the creation of a small business savings allowance that would allow sole traders and small companies to earn up to £4,000 of income from savings – tax free – per year.

Research by Aldermore has revealed that more than three-quarters (77%) of the UK population supported the idea of an Isa designed to help people grow their business.

Some 40% of aspiring entrepreneurs expressed an interest in using such a product.

Ewan Edwards, head of savings at Aldermore, said: “Britain's small business community is not only hard working and diverse, but it is growing significantly.

“SMEs take significant risk in setting up their own businesses, yet often the rewards are relatively small.

“Working with the government, we would like the chancellor to use the Budget to consider ways of improving existing fiscal support offered to SMEs.

“This includes introducing a new entrepreneur Isa and creating a small business savings allowance.

“Importantly, Isas are a well-trusted and understood product for personal savers, which already provide a route to savings for 21 million Britons.

“So creating a similar savings vehicle to help current or would-be business owners would only help to further support Britain's entrepreneurial spirit.”