Banks are first line of credit

Companies needing extra funding mostly seek credit from banks and usually get it, says Statistics NZ.

Its survey found that 36 per cent of firms had sought additional funding during the year to last August.

Thirty-four per cent of firms sought debt and only 6 per cent equity.

Statistics NZ said the most common sources for businesses seeking debt financing were the banks, which provided for 72 per cent of them.