The Access to Business Funding Bill is set for approval next week, as confirmed by Fiji’s Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji.
In his address, Kamikamica highlighted the pressing need for better access to finance, especially for rural areas where cooperatives have shown effectiveness among indigenous Taukei communities. He noted that this initiative is in line with the United Nations’ proclamation of 2025 as the International Year of Cooperatives, emphasizing the vital role these models can play in promoting sustainable economic development and social advancement.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, proposing amendments to the Co-operatives Act within the year. Furthermore, the newly established Cooperative Development Fund, which recently received parliamentary approval, aims to significantly enhance the operational capabilities of cooperatives.
Public consultations earlier this year uncovered that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a notable funding gap. The Access to Business Funding Bill is designed to bridge this gap through innovative solutions, including a small-offer regime allowing private companies to raise equity capital more easily, alongside provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield significant benefits for the community and contribute to the overall resilience of Fiji’s economy. These proactive measures from the government reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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