Prime Minister Boris Johnson has hailed the last-minute deal as “excellent”.
But it remains to be seen whether he can get the agreement through the Commons as the October 31 leave date looms.
Babs Murphy, chief executive of the North & Western Lancashire Chamber of Commerce said: “We have been here before and there is still a long way to go before businesses can positively plan for the future.
“Companies across the UK and around the world will be paying close attention to what happens next – and whether the deal agreed can secure parliamentary support.
“Of course businesses will reserve judgment until they see the detail of the agreement and the potential impact it may have on their operations, in particular those who trade with Northern Ireland.
“As companies carefully consider the real-world implications, politicians must do the same.”
National Chairman of the Federation of Small Businesses Mike Cherry said: “After three years of uncertainty that has stalled planning, hampered investment and slowed growth, a last-minute Brexit deal now seems within reach.
“Many small businesses will be relieved that there now appears to be a credible pathway towards securing a deal that avoids a chaotic no-deal on October 31 and guarantees a transition period, which smaller businesses need to adapt to the UK’s future relationship with the EU.
“Of course the devil will be in the detail and we will now take time to examine the intricacies of the deal to make sure it works for all small businesses across the UK.”
The Commons is sitting on Saturday for a crunch vote on whether to accept the new negotiated deal or throw the plans out.