The Access to Business Funding Bill is poised for approval next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica in Parliament. This legislative initiative aims to tackle the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been acknowledged as global issues.
Kamikamica emphasized that improved access to finance is essential for economic empowerment, particularly in rural areas where cooperatives have shown effectiveness. The United Nations has recognized 2025 as the International Year of Co-operatives, underscoring the importance of sustainable economic models for social progress. In line with this, the Fijian government intends to modernize the legal framework for cooperatives by amending the Co-operatives Act this year.
The recent findings from public consultations indicate that many SMEs struggle with financing due to a lack of established revenue streams, credit histories, or collateral, leading to a significant funding gap. The Access to Business Funding Bill aims to address these issues by introducing a small-offer regime, allowing private companies to raise equity capital more easily while facilitating investment-geared crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
Kamikamica’s commitment to reforming the lending landscape is further demonstrated through the launch of the Cooperative Development Fund, which has already garnered parliamentary approval and is expected to enhance the cooperative sector’s operational capacity.
This initiative not only reflects the government’s responsiveness to the financial barriers faced by MSMEs but also holds promise for fostering a healthier entrepreneurial ecosystem in Fiji. By enabling easier access to finance, the bill could facilitate sustainable economic growth, supporting local enterprises and ultimately benefiting the broader community.
As the legislation progresses toward approval, hope remains high that these measures will cultivate a more inclusive financial environment, empowering entrepreneurs throughout the nation to overcome present challenges and realize their full potential.
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