The Access to Business Funding Bill is poised for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This significant legislation aims to address the financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that has drawn attention both locally and internationally.
Kamikamica underscored the critical need for enhanced access to finance, particularly in rural regions where cooperatives have historically excelled, especially among the indigenous Taukei population. This legislative effort aligns with the United Nations’ acknowledgment of 2025 as the International Year of Cooperatives, emphasizing the role cooperative models can play in fostering sustainable development and social progress.
The government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act expected to be introduced this year. Additionally, it has established a Cooperative Development Fund that has already received parliamentary approval, aimed at enhancing the operational capabilities of cooperatives. This reflects the government’s commitment to supporting this crucial economic sector.
Public consultations conducted earlier this year revealed that many SMEs face significant barriers in accessing traditional financial options, often due to insufficient credit histories or collateral, leading to a substantial funding gap. The Access to Business Funding Bill seeks to bridge this gap through innovative financial solutions, including a small-offer regime that facilitates easier raising of equity capital for private companies, as well as provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As expectations rise for the bill’s approval, there is growing hope that it will foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative has the potential to yield considerable benefits for the wider community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation symbolize a hopeful commitment from the Fijian government to create a robust entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill can be seen as a transformative step that may not only uplift individuals and businesses but also reinforce community ties, especially in rural areas where such initiatives can make the most significant impact.
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