At the same time, large corporations are issuing debt instruments at record rates. Key quote from a Bloomberg article on corporate borrowing:
"Borrowers have bolstered their finances by slashing spending and raising cash, selling $945.8 billion of U.S. corporate bonds this year, following a record $1.23 trillion in 2009 ..."
This borrowing has added to the "cash horde" being held by large corporations, which the article reports is "almost $1 trillion of cash."
The ability of large corporations to raise money while small businesses face a credit crunch is a key reason we are seeing a two-speed economy, with large corporations growing sales and profits while small businesses continue to be mired in recession.