The Access to Business Funding Bill is set to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This essential legislation aims to tackle the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—challenges that are recognized both nationally and internationally.
Kamikamica emphasized the pressing need for improved access to finance, especially in rural areas where cooperatives have proven effective among the indigenous Taukei population. This initiative aligns with the United Nations declaration of 2025 as the International Year of Cooperatives, underscoring the potential of cooperative models in promoting sustainable development and social advancement.
To further support this sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. A newly established Cooperative Development Fund, which has recently gained parliamentary approval, aims to enhance the operational capabilities of cooperatives, demonstrating the government’s commitment to this pivotal sector.
Earlier public consultations indicated that many SMEs face significant barriers to accessing traditional financing options, often due to insufficient revenue histories, credit ratings, or collateral. This has led to a considerable funding gap that the Access to Business Funding Bill intends to bridge through innovative financing solutions, including a small-offer regime that facilitates raising equity capital and provisions for investment-based crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the legislation nears approval, optimism is increasing about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and boosting local economic growth, this initiative could lead to significant positive impacts for the wider community and enhance the resilience of Fiji’s economy. The proactive approach taken by the government indicates a hopeful commitment to supporting a vibrant entrepreneurial ecosystem, fostering sustained growth and development throughout the nation.
This initiative not only aims to empower local businesses but also represents a critical step toward a more inclusive economic landscape. It focuses on enhancing access to finance, especially for those traditionally marginalized in the economic system, thereby promoting equality and growth within Fiji’s diverse communities.
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