Business leaders expect interest rates to remain at a historic low when the Monetary Policy Committee meets tomorrow.
Louise Bennett, the chief executive of the Coventry and Warwickshire Chamber of Commerce, said low rates remained a key factor in a sustained economic recovery.
But, she added, small and medium-sized businesses were still struggling to get access to finance.
Ms Bennett, speaking ahead of the Bank of England’s interest rate decision, said: “There have been promising economic signs. Our own quarterly economic survey showed signs of confidence returning and the recent GDP figures suggested stronger growth than most predicted.
“But with public sector cuts yet to filter through and a need for the private sector to create the jobs of the future, there should be no rush to dampen the economy.
“What we really need to see is banks lending reasonably to businesses again. We have heard the rhetoric but I still see companies day in, day out who are not able to grow because they cannot get the finance they need.
“That needs to be addressed immediately rather than putting up interest rates.”