This CFO.com article shows how companies that have halted their expenditures since 2001 and have cleaned up their balance sheets are now sitting in a very nice position to borrow working capital at low interest rates.

"The recent slowdown in the commercial paper market stemmed from a decline in capital expenditures in 2001, reducing the need for short-term financing. Corporations paid more attention to repairing their balance sheets from 2001 through 2003, mostly by holding back capital expenditures while internally generated funds climbed. The improved balance sheets helped create a more amenable borrowing environment," added the rating agency."