The Access to Business Funding Bill is set to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important 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 stressed the vital need for improved access to finance, particularly in rural areas where cooperatives have historically proven effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the potential of cooperative models to promote sustainable economic development and social progress.
To further enhance the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Moreover, the recently introduced Cooperative Development Fund aims to strengthen the operational capabilities of cooperatives, highlighting the government’s commitment to this crucial sector.
Earlier public consultations revealed that numerous SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, resulting in a significant funding gap. The Access to Business Funding Bill is designed to bridge this gap through innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily, alongside investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is a growing sense of optimism regarding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is poised to deliver significant positive impacts 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 nurture a vibrant entrepreneurial ecosystem, paving the way for sustained growth and development throughout the nation.
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