The Access to Business Funding Bill is expected to gain approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to address the substantial financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, concerns recognized on both local and international levels.
Kamikamica emphasized the critical need for improved access to finance, especially in rural areas where cooperatives have historically proven effective among the indigenous Taukei communities. This initiative is aligned with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which highlights the vital role that cooperative models can play in promoting sustainable economic development and social advancement.
To further support the cooperative sector, the Fijian government is planning to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, the recently established Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential area of the economy.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, and collateral, resulting in a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions. These include a small-offer regime that allows private companies to more easily raise equity capital and provisions for investment-driven options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward 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 could yield positive outcomes for the wider community and enhance the resilience of Fiji’s economy. Such proactive measures from the government indicate a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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