Fiji has made a significant move to bolster the growth of small businesses with the launch of the Implementation Taskforce for the new Access to Business Funding Act. This initiative aims to enhance financial support for Micro, Small, and Medium Enterprises (MSMEs) throughout the nation, particularly in rural and developing regions.
Recently, the taskforce convened for its inaugural meeting, marking the active rollout of this promising legislation. The Act, which received unanimous backing in Parliament, is poised to provide small enterprises additional avenues for obtaining funding, especially in underserved areas. The taskforce is comprised of representatives from the Ministry of Trade, the Reserve Bank of Fiji, the Asian Development Bank, and other vital government entities, showcasing a collaborative approach to empower local businesses.
During the meeting, co-chaired by Permanent Secretary for Trade Shaheen Ali and Reserve Bank Governor Ariff Ali, members discussed the implementation of various funding options, including small public offers and crowdfunding, to simplify access to necessary financial resources for business growth. The government is keen on ensuring that this law translates into meaningful change for local businesses.
With the taskforce now operational, small business owners are encouraged to familiarize themselves with the forthcoming support systems and prepare to leverage the new funding opportunities that will be made available. This collaborative effort is expected to potentially transform Fiji’s economic landscape, fostering an environment where MSMEs can thrive and contribute significantly to the nation’s growth.
This legislative progress represents a renewed commitment from the Fijian government to empower local entrepreneurs and enhance the capacity for sustainable economic development, highlighting a hopeful outlook for the future of Fijian businesses.
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