Under the background of the digital economy, it is worth exploring whether digital technology can deeply empower the business transformation of commercial banks to break enterprises' financing dilemmas. Based on the loan data of Chinese listed enterprises from 2011 to 2021, the impact of commercial banks' digital transformation on enterprise loan capital allocation was theoretically analyzed and empirically examined. The results show that the digital transformation of commercial banks can significantly optimize the formulation of enterprise loan agreements, manifesting in the increase of loan size, the extension of maturity, the reduction of interest margin, and the upgrading of credit. The mechanism analysis shows that the digital transformation of commercial banks mainly optimizes the formulation of enterprise loan agreements by reducing risk-bearing and alleviating information asymmetry. Further analysis shows that commercial banks' digital transformation can improve credit resource allocation efficiency. The heterogeneity analysis shows that the optimization effect of commercial banks' digital transformation is more obvious in private enterprises and high-tech enterprises. Therefore, digital transformation not only enriches the microeconomic benefits of commercial banks but also provides a valuable reference for alleviating enterprises' financing difficulties and promoting the high-quality development of the real economy.