The 0.5% cut is aimed at boosting bank lending to business and consumers by decreasing the cost of borrowing.
The Federation of Small Businesses (FSB) welcomed the Bank of England's Monetary Policy Committee's latest interest rate cut but has warned that the real worry is not just the cost of finance but access to it.
National chairman John Wright said: "With rates now at their lowest ever level, small businesses are more concerned about access to money.
"The FSB would like a cast-iron guarantee that the banks will not only pass on the interest rate cuts, but pass on the money to the small businesses that need it."
He added: "The small business sector is the sector to see the UK out of recession in 2009 and into economic recovery, but this can only work if credit lines start flowing to viable businesses again."
Interest rates slashed to lowest level in history
The Bank of England has cut the interest rate to 1.5%, its lowest level since the bank was founded in the 17th Century.
