New bank loans were completed by 19 percent, up from 15 percent in the prior quarter. Product companies led the way -- 22 percent obtained new loans, compared to 17 percent of service businesses.

In addition, 22 percent increased their credit lines -- up from 18 percent in the prior quarter. The average increment was 7.5 percent, versus 7.3 percent in the prior quarter. Both product and service companies saw similar increases: On the product side, 22 percent increased their credit lines by an average of 7.2 percent, versus 23 percent of service companies uplifting, on average, 7.8 percent.

New borrowers were notably larger than non-borrowers, averaging $39.0 million in revenues, versus $27.4 million, respectively. But despite their larger size, they are expecting stronger revenue growth over the next 12 months -- averaging 28.2 percent, versus 18.6 percent, respectively. They are also well ahead of the curve in prior five-year revenue growth -- 497 percent, versus 203 percent.

More new borrowers expect major capital spending over the next 12 months (59 percent, 19 points higher than non-borrowers). And, more of them have increased budgets for: information technology, cited by 51 percent (seven points higher than non-borrowers); new product/service development, 45 percent (eight points higher); facilities expansion, 36 percent (11 points higher); and business acquisitions, 28 percent (11 points higher).

"The pace is quickening for new loans and increased credit," said Tracy Lefteroff, PricewaterhouseCoopers' global managing partner, private equity and venture capital services. "It appears to be driven by the pressures of steady growth, the need for expansion capital, and a desire to act promptly, before interest rates make their next upward move."

Thirty-five percent of new borrowers also expect to explore non-bank financing options over the next 12 months -- up from 25 percent in the prior quarter. In contrast, only 18 percent of non-borrowers expect to go this route, up one point.

"These CEOs are wisely keeping their contacts warm and their options open, in the event that, in their view, bank financing becomes less attractive," said Lefteroff.

PricewaterhouseCoopers' "Trendsetter Barometer" is developed and compiled with assistance from the opinion and economic research firm of BSI Global Research, Inc.