Not necessarily. When rates are low, banks are more cautious with who they lend it to. And in times like these, it's especially risky for a bank to lend, and couple that with absence of high rates for a bank to mitigate the risk, you end up with actually less lending.

On this chart [0] you can see how lending increase when crisis started, kind of matching inflation of the dollar. But lending is slowing down, and no amount of QE can speed it up, indicating probable deflation of the dollar.

https://fred.stlouisfed.org/series/BUSLOANS