Fiji’s Access to Business Funding Bill: A Game-Changer for Entrepreneurs?

The Access to Business Funding Bill is poised for parliamentary approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This critical bill aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a matter that has gained local and international attention.

Kamikamica highlighted the importance of improved access to finance for economic empowerment, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei community. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the potential of cooperative models in promoting sustainable development and social progress.

In a strategic move to bolster the cooperative sector, the Fijian government plans to modernize the legislative framework governing cooperatives, with amendments to the Co-operatives Act expected this year. The recently established Cooperative Development Fund also aims to significantly enhance the operational capabilities of cooperatives, demonstrating the government’s commitment to this vital sector.

Recent public consultations have revealed that many SMEs struggle to secure traditional financing due to obstacles such as inadequate revenue histories, credit ratings, and collateral, which have resulted in a substantial funding gap. The Access to Business Funding Bill seeks to bridge this gap through innovative financing solutions, including a small-offer regime that facilitates easier equity capital raising and investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).

As the bill approaches approval, there is growing optimism that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the potential to benefit the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures signal a hopeful commitment to developing a vibrant entrepreneurial ecosystem that can sustain long-term growth and adaptability in the face of future challenges.