The Access to Business Funding Bill is on track for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This legislation aims to tackle the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue recognized both locally and internationally.
Kamikamica highlighted that access to finance is crucial, particularly in rural areas where cooperatives have proven effective—especially within indigenous Taukei communities. The initiative aligns perfectly with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which underscores the significant role of cooperatives in promoting sustainable economic and social advancement.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently established Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reflecting a commitment to strengthening this vital part of the economy.
Public consultations carried out earlier this year revealed significant barriers many SMEs face in accessing traditional financing options—often due to inadequate credit histories, revenue proofs, or collateral. These barriers have resulted in a notable funding gap, which the Access to Business Funding Bill aims to bridge by introducing alternative financing solutions. Among these are a small-offer regime that will simplify the process for private companies to raise equity capital and provisions for crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is a palpable sense of optimism that it will promote a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is expected to yield positive outcomes for the wider community and bolster the overall resilience of Fiji’s economy. The proactive steps the government has taken through this legislation reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem that supports sustained growth and development across the nation.
The importance of this bill cannot be understated, as it aims to close the existing funding gap and enhance opportunities for growth among local businesses, contributing significantly to Fiji’s socio-economic development.
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