The Access to Business Funding Bill is scheduled for approval next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This pivotal legislation aims to address the financial barriers faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, concerns that have gained both local and international recognition.
Kamikamica highlighted the essential importance of better access to finance, particularly for rural cooperatives that have shown effectiveness, especially among the indigenous Taukei communities. This legislative initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the role of cooperative models in fostering sustainable economic development and social equity.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives through anticipated amendments to the Co-operatives Act this year. Additionally, the newly established Cooperative Development Fund, recently approved by Parliament, aims to significantly enhance the operational capabilities of cooperatives, underscoring the government’s commitment to empowering this vital sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing methods due to barriers such as inadequate revenue histories, insufficient credit ratings, or collateral. This has resulted in a significant funding gap, which the Access to Business Funding Bill seeks to address by introducing innovative financing solutions. These solutions include a small-offer regime that allows private companies to raise equity capital more seamlessly and provisions for investment-centered crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism about its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds promise not only for the MSME sector but also for the broader community, enhancing the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting long-term growth and development throughout the nation.
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