The Access to Business Funding Bill is set to be approved next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who made the announcement during a parliamentary session. This critical piece of legislation aims to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—concerns that have been recognized both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural areas where cooperatives have shown effectiveness, particularly in Indigenous Taukei communities. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the positive impact that cooperative models can have on sustainable economic development.
Further bolstering this effort, the Fijian government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Additionally, the newly approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, indicating the government’s ongoing commitment to this crucial sector.
Public consultations earlier this year indicated that many SMEs struggle to access traditional financing due to barriers such as inadequate credit histories or collateral, creating a significant funding gap. The Access to Business Funding Bill seeks to address these challenges by introducing alternative financing solutions. This includes establishing a small-offer regime that facilitates equity capital raising for private companies and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, optimism is rising about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is positioned to positively impact the wider community and enhance the resilience of Fiji’s economy. The proactive measures endorsed by the government reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem, which is essential for sustainable growth and development throughout the nation.
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