The subdued economic recovery is hurting the country's smaller firms, forcing more to rely on personal credit cards to stay afloat.
An annual survey of 1800 firms by Massey University's Centre for Small and Medium Enterprise Research found only 14% of those questioned had not yet felt the recession.
Firms have cut back in recent years to cope with the plunge in demand, and the centre's director, Professor David Deakins, says the sluggish nature of the recovery has particulary affected smaller firms.
Professor Deakins says more than 75% of respondents say they are now using credit cards on top of bank debt and trade credit to remain in business.
