Businesses are finding it easier to obtain new credit for the first time this year and are positive about the future availability of credit, according to the Confederation of British Industry (CBI).

Of companies seeking new credit lines in the last quarter 27% reported that the situation had improved and 10% said that it had worsened.

The resulting balance of 18% is the first improvement in credit supply in the monthly survey since January.

"Credit availability had been getting more difficult for many months, so today's results are positive news," said Richard Lambert, CBI Director-General.

"The improvement in access to new credit will help many businesses struggling with the recession, and it is encouraging that its supply is expected to improve in the months ahead."