The Access to Business Funding Bill is on track for approval next week, as confirmed by Fiji’s Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This vital legislation aims to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern that has garnered both local and international attention.
Kamikamica stressed the urgent requirement for improved access to finance, particularly in rural areas where cooperatives have proved effective, especially among the indigenous Taukei communities. This initiative coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the role cooperatives can play in promoting sustainable economic development and social advancement.
To bolster the cooperative sector, the Fijian government intends to modernize the legal framework surrounding cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, a newly established Cooperative Development Fund, recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this pivotal sector.
Public consultations conducted earlier this year revealed that many SMEs face considerable barriers in accessing traditional financing due to inadequate revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill seeks to bridge this funding gap through innovative solutions, including a small-offer regime allowing private companies to raise equity capital more easily and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
With the bill nearing approval, there is growing optimism about its potential to foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative presents a promising opportunity for the broader community and enhances the resilience of Fiji’s economy. The proactive measures enshrined in this legislation reflect a hopeful commitment from the government to nurture a thriving entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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