More than a third of small- to medium-sized (SMEs) businesses sought additional funding in the year to last August, Statistics New Zealand data shows. Its provisional business finance survey found that 90 per cent of requests for finance resulted in either some or all the amount sought being received. The survey showed that 36 per cent of business with between one and 500 employees sought some kind of finance over the year. This included 34 per cent seeking debt finance and 6 per cent seeking equity finance - including an overlap of 4 per cent who sought both. Debt finance included any finance that businesses must be repaid, such as overdrafts, credit cards and convertible debt. Banks provided 72 per cent of the debt finance, while finance companies provided 26 per cent.
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