The Access to Business Funding Bill is set to be approved next week, according to a statement made by Fiji’s Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This legislation is designed to address significant financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji, issues that have been recognized both locally and internationally.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural regions where cooperatives are effective, especially among the indigenous Taukei population. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which recognizes the importance of cooperative models in promoting sustainable economic growth and social advancement.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to strengthening this vital sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing alternative financing solutions, including a small-offer regime that will facilitate easier equity capital raising for private companies, in addition to provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to have a positive impact on the wider community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to create a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill presents an opportunity not only for economic enhancement but also for social advancement, enabling many in the community to thrive through increased access to necessary financial resources.
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