The Access to Business Funding Bill is on track to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This important legislation is aimed at addressing the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been recognized as significant challenges both locally and globally.
Kamikamica stressed the vital need for improved access to finance, especially in rural areas where cooperatives have demonstrated effectiveness, particularly among the indigenous Taukei population. In alignment with the United Nations’ declaration of 2025 as the International Year of Cooperatives, this bill aims to reinforce the critical role of cooperative models in fostering sustainable development and social progress.
The Fijian government plans to modernize the legal framework governing cooperatives, expecting amendments to the Co-operatives Act this year. Additionally, a new Cooperative Development Fund, recently approved by Parliament, is designed to enhance the operational capabilities of cooperatives, underscoring the government’s commitment to this vital sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to various barriers, including inadequate revenue histories, credit ratings, or collateral, leading to 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 facilitates equity capital raising for private companies and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this legislation moves toward approval, there is increasing optimism that it will create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, these initiatives hold the potential to deliver substantial benefits to 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 that can support sustained growth and development throughout the nation.
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