The Access to Business Funding Bill is set to be approved next week, as disclosed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary announcement. This legislation seeks to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been acknowledged on both local and international stages.
Kamikamica highlighted the urgent need for better access to finance, particularly in rural areas where cooperatives have shown their effectiveness, especially among the indigenous Taukei communities. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underlining the vital role of cooperative models in promoting sustainable development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework that governs cooperatives, with proposed amendments to the Co-operatives Act expected this year. Additionally, a newly established Cooperative Development Fund, recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, further affirming the government’s commitment to this essential sector.
Public consultations held earlier revealed that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral. This situation has resulted in a significant funding gap, which the Access to Business Funding Bill aims to close through innovative financial solutions. The Bill includes provisions for a small-offer regime that allows private companies to raise equity capital more conveniently and introduces alternative financing options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill nears approval, there is a growing optimism surrounding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative promises to deliver substantial benefits to the broader community and enhance the resilience of Fiji’s economy. The proactive measures embedded in this legislation signify a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development within the nation.
This initiative reflects a positive step forward in addressing financial access for MSMEs in Fiji, potentially leading to increased economic empowerment and growth across various sectors of society.
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