I have little doubt that the use of credit will reduce much.
Instead of taking out a loan I suspect many will simply save money for a few years and start their business out of their savings.
Generational wealth will be feasible for small income families and the accumulated "money under the mattress" might be used by children and grandchildren etc to start a business or buy a house.
I'd expect the demand for borrowing money to be smaller because money can again function as savings technology.
And the demand for lending out money at interest to be smaller
(One of the reasons that people lend out their money disappears under a sound money. Savings don't have to produce yield if there's no inflation. In that world you can just save the money. 0 yield keeps up with inflation just fine in that system.)
I'd nevertheless expect some people to still opt for a loan e.g. when they want to keep full ownership of their company. They will pay the interest from the profits of the business after it got off the ground using the borrowed money. And I suspect they'll find a counter-party willing to take the risk of the business failing in order to earn money in the form of interest,
The one who takes out the loan would face a risk that the money appreciates as it covers a growing economy and therefore the real value of the sum that is owed increases. It may be more difficult to extract a given amount of money out of the economy in the form of profits e.g. because of innovation, invention and competition force a business to lower prices.
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000 dollars in gold, on the understanding that he will be repaid later on 10000 dollars in gold of the same standard, and meanwhile 4.5% interest each year. All this according to the law and obeying all the proper forms mandated by whatever regulation in force at the time."