Reserve Bank governor Glenn Stevens said low interest rates had helped encourage higher levels of business borrowing.In a statement issued after the RBA board meeting yesterday, Stevens said available information suggested that moderate expansion in the economy continued in the face of a large decline in capital spending in the mining sector."In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending," he said."Credit growth has increased a little over recent months, with credit provided by intermediaries to businesses picking up."According to the RBA's latest lending figures, business loan books grew by one per cent in October, compared with the previous month, and by 6.6 per cent over the 12 months to October.The annual rate of growth in business loan books has picked up from around 5.5 per cent at the start of the year.