The Access to Business Funding Bill is on course to receive parliamentary approval next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica. This vital legislation aims to address significant financial barriers faced by micro, small, and medium enterprises (MSMEs) and cooperatives, issues recognized as critical not just in Fiji but globally.
Kamikamica emphasized the necessity of enhanced access to finance for economic empowerment, particularly in rural areas where cooperatives have had a notable impact, especially for the indigenous Taukei communities. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Co-operatives, highlighting the importance of cooperative models in promoting sustainable economic and social advancement.
The Fijian government plans to modernize the legal framework regulating cooperatives, including amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund is anticipated to bolster the operational capacity of cooperatives, underscoring the government’s commitment to fostering economic resilience.
Public consultations conducted recently revealed that many SMEs face significant challenges in securing traditional financing due to insufficient revenue streams, lack of credit history, or inadequate collateral, resulting in a substantial funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing options such as a small-offer regime allowing private companies to raise equity capital more easily, and investment-driven crowdfunding methods, including equity crowdfunding and peer-to-peer lending.
As the bill moves toward approval, there is a sense of optimism that it will create a more inclusive financial environment, empowering entrepreneurs and stimulating local economic growth. This initiative not only seeks to address immediate financial barriers but also aims to foster a dynamic entrepreneurial ecosystem that benefits the broader community and enhances the resilience of Fiji’s economy.
With ongoing legislative efforts, the government is paving the way for a transformative economic landscape that has the potential to uplift MSMEs and cooperatives significantly, creating new opportunities for growth and sustainability in Fiji.
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