The Access to Business Funding Bill is expected to receive parliamentary approval next week, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica, who made this announcement during a recent session in Parliament. This significant legislative effort aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives—issues that have been acknowledged as critical both locally in Fiji and globally.
Kamikamica highlighted that access to finance is essential for economic empowerment, especially in rural areas where cooperatives have proven effective, particularly among the indigenous Taukei population. Notably, the timing of this legislative initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which emphasizes the potential of cooperative models as sustainable approaches to economic development and social advancement.
To further support this initiative, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected to be proposed this year. Additionally, the recently established Cooperative Development Fund, which has received parliamentary approval, aims to significantly enhance the operational capacity of cooperatives.
Recent public consultations have revealed that many SMEs find it difficult to access traditional financing due to challenges such as inadequate revenue streams, lack of credit history, or insufficient collateral, resulting in a substantial funding gap. The Access to Business Funding Bill is designed to bridge this gap, introducing innovative financing methods, including a small-offer regime that allows private companies to raise equity capital more easily, along with investment-driven crowdfunding options such as equity crowdfunding and peer-to-peer lending (P2PL).
As this bill moves toward approval, optimism remains high that it will lead to a more inclusive financial environment in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative has the potential to positively impact the broader community and enhance the overall resilience of Fiji’s economy. The government’s proactive approach indicates a hopeful future for MSMEs and cooperatives, equipping them with the necessary tools to thrive in Fiji’s dynamic economic landscape.
Overall, the Access to Business Funding Bill symbolically represents a crucial step toward creating a supportive framework for entrepreneurs—encouraging local innovation and economic vitality in Fiji.
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