The Access to Business Funding Bill is set to receive approval by 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 financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—an issue recognized locally and globally.
Kamikamica emphasized the critical need for enhanced access to finance, especially in rural regions where cooperatives have been effective, particularly among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the vital role cooperative models play in promoting sustainable economic development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, including anticipated amendments to the Co-operatives Act this year. In addition, a recently established Cooperative Development Fund aims to bolster the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to barriers like insufficient revenue histories, credit ratings, and collateral, leading to a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap through innovative financing solutions, including a small-offer regime that will facilitate equity capital raising and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches 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 considerable benefits for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures indicate a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
It is encouraging to see legislative steps being taken to empower local businesses and cooperatives in Fiji, fostering an environment that could lead to sustainable economic progress for all.
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