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, in a recent parliamentary session. This vital legislation aims to address the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji face—an issue recognized both locally and internationally.
Kamikamica underscored the significant need for improved access to finance, especially in rural areas where cooperatives have proven effective, particularly among Indonesia’s Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the essential role that cooperative models can play in fostering sustainable economic development and social progress.
The Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act set for this year. Additionally, the recently approved Cooperative Development Fund is designed to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this key sector.
Public consultations conducted earlier this year highlighted the struggles many SMEs face in accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a considerable funding gap that the Access to Business Funding Bill seeks to bridge through innovative solutions. These include a small-offer regime that allows private companies to raise equity capital more easily, along with provisions for investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves towards approval, there is a growing sense of optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield significant positive outcomes for the broader community and enhance Fiji’s overall economic resilience. The government’s proactive measures reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Ultimately, these legislative efforts signal a strong dedication to uplifting Fiji’s economy by addressing the critical financial barriers faced by many businesses, paving the way for a stronger, more inclusive economic future.
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