The Access to Business Funding Bill is expected to receive approval by next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in a recent parliamentary session. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern that has been acknowledged on both local and global scales.
Kamikamica emphasized the importance of improved access to finance for economic empowerment, particularly in rural areas where cooperatives have proven effective among the indigenous Taukei communities. The bill aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the role these entities can play in fostering sustainable development and social progress.
In addition to this legislative initiative, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act scheduled for this year. Recently, the establishment of the Cooperative Development Fund, which has been approved by Parliament, aims to enhance the operational capacities of cooperatives, demonstrating a strong commitment from the government to bolster this vital sector.
Earlier public consultations revealed that many SMEs struggle to secure traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a considerable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, which include a small-offer regime aimed at facilitating easier capital raising for private companies, as well as investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the potential to significantly benefit the broader community and enhance the resilience of Fiji’s economy. The proactive measures represented in this legislation are a hopeful indication of the Fijian government’s commitment to fostering a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development.
This development is particularly encouraging as it demonstrates the government’s recognition of the need for financial inclusivity, especially for those in rural areas who have been historically underserved. The anticipated success of the Access to Business Funding Bill could be a cornerstone in driving economic advancement for many in Fiji.
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