The Access to Business Funding Bill is set to be approved next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a session in Parliament. This significant legislation aims to address the financial issues faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a challenge recognized both nationally and internationally.
Kamikamica emphasized the critical need for enhanced access to finance, particularly in rural areas where cooperatives are notably effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the potential of cooperative models to promote sustainable economic 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 expected later this year. The recently approved Cooperative Development Fund is designed to enhance the operational capacities of cooperatives, further demonstrating the government’s commitment to this vital sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, leading to a considerable funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily, along with provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is growing optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to significant benefits for the broader community and enhance the overall resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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