The Access to Business Funding Bill is on track for approval next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica in Parliament. This critical legislation aims to combat the financial barriers encountered by micro, small, and medium enterprises (MSMEs) and cooperatives, challenges recognized on both local and global fronts.
Kamikamica stressed the importance of access to finance for economic empowerment, especially in rural areas where cooperatives are particularly effective, notably among the indigenous Taukei population. This initiative comes at a time when the United Nations has designated 2025 as the International Year of Cooperatives, which underscores the relevance of cooperative models as vehicles for achieving sustainable development and social progress.
Furthermore, plans are in place to modernize the legal framework governing cooperatives through amendments to the Co-operatives Act later this year. A newly established Cooperative Development Fund, recently approved by Parliament, is expected to significantly enhance the operational capacity of cooperatives across the nation.
Public consultations earlier this year have highlighted that a considerable number of SMEs in Fiji struggle to access traditional financing avenues due to the lack of established revenue streams, credit histories, or sufficient collateral requirements. This situation has created a significant funding gap, which the Access to Business Funding Bill seeks to close by introducing alternatives such as a small-offer regime for raising equity capital and facilitating innovative investment avenues like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is widespread optimism that it will foster a more inclusive financial environment, empowering entrepreneurs and contributing to local economic growth. This proactive initiative aims not only to assist individual businesses in overcoming financial hurdles but also to cultivate a robust entrepreneurial ecosystem that could have lasting benefits for the larger community and the resilience of Fiji’s economy.
The government’s commitment to reforming the funding landscape is a hopeful step toward strengthening economic vitality, providing MSMEs and cooperatives with the necessary tools to thrive. This bill represents a significant stride towards ensuring a brighter economic future for Fiji.
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