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 crucial legislation aims to address the significant financial challenges facing micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues recognized both locally and internationally.
Kamikamica emphasized the pressing need for enhanced access to finance, particularly in rural areas where cooperatives have proven effective for the indigenous Taukei population. This initiative coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, underscoring the importance of cooperative models in promoting sustainable development and social progress.
The Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated later this year. The recently established Cooperative Development Fund, which has received parliamentary approval, aims to bolster the operational capabilities of cooperatives, reaffirming the government’s commitment to this vital sector.
Public consultations conducted earlier this year revealed that many SMEs face substantial barriers when trying to access traditional financing, often due to insufficient revenue histories, credit ratings, or collateral. This gap has created a notable funding challenge, which the Access to Business Funding Bill seeks to address through innovative solutions. These include a small-offer regime that allows private companies to raise equity capital more easily and provisions for investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield significant positive outcomes for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem that supports sustained growth and development across the nation.
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