The Access to Business Funding Bill is poised for approval next week, as Deputy Prime Minister and Minister for Trade Manoa Kamikamica announced during a parliamentary session. This essential piece of legislation aims to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a situation acknowledged both locally and globally.
Kamikamica highlighted the urgent necessity for improved access to finance, particularly in rural areas where cooperatives have effectively supported the indigenous Taukei population. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, underscoring the crucial role that cooperative models can play in promoting sustainable economic development and social advancement.
In support of the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Furthermore, the recently established Cooperative Development Fund, which has been approved by Parliament, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this vital sector.
Previous public consultations revealed that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral. This has resulted in a significant funding gap that the Access to Business Funding Bill seeks to bridge through innovative financing solutions, including a small-offer regime to facilitate easier equity capital raising and provisions for investment-driven crowdfunding opportunities like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill nears approval, there is growing optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could significantly benefit the broader community and enhance the resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of sustaining growth and development throughout the nation.
For many, this bill represents a turning point, offering new opportunities for financial access and mobility, especially for those in underserved regions.
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