The level of business loans, trade credit, and asset finance applications rose at an annual rate of 1.6 per cent in the March quarter compared to the same period last year, according to the Quarterly Business Credit Demand Index compiled by credit reference bureau Equifax.The index has tracked an increase of 3.4 per cent in business loan applications, and a 1.8 per cent in asset finance applications, compared to the same period in 2016. However, the overall growth rate was tempered by a fall of 0.8 per cent in trade credit applications.Equifax, a credit information and analysis provider operating in Australia and New Zealand, declined to provide further information, such as the actual application numbers, in order to mask vital business information from competitors.The growth in business loan applications was supported by a significant strengthening in commercial mortgage applications, which rose 25.7 per cent year-on-year. This category includes everything from warehouses and factories to investment properties.Neil Shilbury, general manager of commercial and property products at Equifax, said the moderate growth in the index indicated a steady outlook for businesses."Much of the growth seen in the March index can be attributed to commercial mortgage demand. This activity is driven in large part by the fact that interest rates remain at record lows, encouraging the investment housing boom to continue, despite regulators' attempts to cool the market," Shilbury said.While growth in the number of applications for business credit eased in both the mining and non-mining states in the March quarter, stronger conditions continue to be seen in the non-mining states (up 2.8 per cent), rather than on the so-called "mining states" (1.0 per cent) of Queensland, Western Australia, and the Northern Territory. That said, Queensland is showing early signs of growth (up 0.9 per cent q-q), benefitting from broader economic activity, such as housing investment and tourism."According to the Reserve Bank of Australia's assessment, Australia is now 90 per cent of the way back to normal levels of business investment from the peak in mining investment in 2012," Shilbury said.