Activity has picked up in the business lending market over the past two months, following a slump in the middle of the year.According to the latest Australian Bureau of Statistics lending data, the value of new commercial finance commitments rose 0.8 per cent in October, compared with the previous month (in seasonally adjusted terms).New commercial finance commitments were worth A$41.6 billion in October. Despite the recent pick-up, the value of new lending is down 6.1 per cent year-on-year.Earlier this month the Reserve Bank reported that business loan balances grew by 0.5 per cent in October, compared with the previous month, and by 4.4 per cent over the 12 months to October. The last time the annual growth rate was as low as 4.4 per cent was in October 2014.The personal finance market remained weak in October, with new lending of $6.6 billion down 2.4 per cent from the previous month. Year-on-year the value of new personal lending was unchanged.In the revolving credit segment of the personal finance market, the value of new and increased credit limits was $2.3 billion, while the value of cancellations and reductions was $2.8 billion.