The Access to Business Funding Bill is expected to receive approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This legislation is crucial in addressing the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern acknowledged both domestically and internationally.
Kamikamica underlined the importance of improved access to finance, particularly in rural areas where cooperatives have effectively supported the indigenous Taukei communities. The initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the valuable role cooperatives play in promoting sustainable economic growth and social advancement.
In a bid to support the cooperative sector, the Fijian government aims to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected to be introduced this year. Furthermore, a newly established Cooperative Development Fund, recently approved by Parliament, is designed to enhance the operational capabilities of cooperatives, showcasing the government’s commitment to this vital sector.
Recent public consultations revealed significant barriers for many SMEs in accessing traditional financing due to inadequate revenue histories, credit ratings, or collateral, resulting in a notable funding gap. The Access to Business Funding Bill looks to bridge this gap by offering innovative financing solutions, including a small-offer regime for raising equity capital and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill advances towards approval, there is a burgeoning sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. This initiative is projected to empower entrepreneurs and stimulate local economic growth, thereby positively influencing the broader community and enhancing the overall resilience of Fiji’s economy. The proactive measures outlined in this legislation reflect a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, the Access to Business Funding Bill represents a significant step forward for Fiji, potentially transforming its economic landscape and improving opportunities for many communities across the country.
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