The Access to Business Funding Bill is set to be approved by next week, a significant development announced in Parliament by Deputy Prime Minister and Minister for Trade Manoa Kamikamica. He emphasized that access to finance remains a critical challenge for micro, small, and medium enterprises (MSMEs) and cooperatives globally, particularly in Fiji. The government’s initiative aims to address these financial barriers and support economic empowerment.
Kamikamica noted the effectiveness of the cooperative sector, particularly in rural areas, and highlighted that the United Nations has designated 2025 as the International Year of Co-operatives. This recognition underlines the value of cooperatives as a sustainable model for economic development and social progress. The government plans to modernize the legal framework governing cooperatives this year, with amendments to the Co-operatives Act on the agenda.
Additionally, a newly approved grant program, the Cooperative Development Fund, is being rolled out to assist cooperatives in expanding their operations, which is expected to further support the growth of the sector.
During consultations earlier this year, it became evident that many SMEs in Fiji struggle to access traditional financing due to a lack of proven revenue streams, credit histories, or collateral. The overview from these consultations indicates that the Access to Business Funding Bill represents the government’s commitment to narrowing this financing gap through innovative alternatives. Such options include a small-offer regime for equity capital raises and investment-geared crowdfunding, which could provide SMEs with the financial flexibility they need to thrive.
This legislative move not only reflects a proactive approach by the Fijian government to reduce injustices in financial access but also fosters an environment where MSMEs can prosper, potentially leading to enhanced economic resilience in the nation.
As this process unfolds, there is hope that these measures will lead to sustainable economic growth, ultimately benefiting the broader community and contributing positively to the national economy.
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