The Access to Business Funding Bill is set to be approved next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This vital legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been recognized both locally and internationally.
Kamikamica highlighted the pressing need for improved access to finance, especially in rural regions where cooperatives have historically proven effective among indigenous Taukei communities. The initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the vital role that cooperatives can play in fostering sustainable development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Additionally, a newly established Cooperative Development Fund, which has received parliamentary approval, aims to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to this crucial economic sector.
Public consultations earlier this year indicated 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 address through innovative financing solutions, including a small-offer regime that facilitates equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, there is growing optimism that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is poised to generate positive outcomes for the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislation not only symbolizes progress for the cooperative sector but also offers a beacon of hope for many aspiring entrepreneurs facing financial constraints. As the government takes this crucial step, the possibility for a more robust economic future for Fiji is on the horizon.
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