The Access to Business Funding Bill is on track for approval by next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a recent parliamentary session. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that are acknowledged both locally and internationally.
Kamikamica highlighted that access to finance is crucial for economic empowerment, particularly in rural areas where cooperatives have demonstrated effectiveness, especially among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, reinforcing the importance of cooperative models in promoting sustainable economic development and social progress.
To support the cooperative sector, the government plans to modernize the legal framework with amendments to the Co-operatives Act expected within this year. The recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, demonstrating the government’s commitment to this essential sector of the economy.
Earlier public consultations in January and February revealed many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill seeks to address these challenges by introducing innovative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward 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 legislation could yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem, capable of supporting sustained growth and development throughout the nation.
This legislative initiative is not just a response to immediate financial challenges but represents a strategic vision for the future economic landscape of Fiji, positioning it to thrive in the era of cooperatives.
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