Matthew Fell, CBI director for competitive markets, said:
“This data shows that the availability of finance for growing business is improving and is likely to get even better this year.
“This news should give another boost to business confidence, especially for smaller firms, where demand for finance is still subdued.
“The cost of finance is also falling, but less so for smaller companies, so it’s right the Funding for Lending Scheme is now firmly focused on reducing the cost of lending for these firms.
“To keep up the momentum, the Government needs to hold the course on implementing changes to the banking sector in a clear and predictable way, particularly with unprecedented structural change on the horizon.”