The Access to Business Funding Bill is set to be approved next week, as revealed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This pivotal legislation is designed to tackle the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji—a concern that has been recognized on both national and international levels.
Kamikamica highlighted the crucial need for enhanced access to finance, particularly for rural communities where cooperatives have historically been effective, especially among the indigenous Taukei population. The initiative is consistent with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the significant role these models can play in fostering sustainable economic growth and social progress.
To strengthen the cooperative sector, the Fijian government has plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated later this year. In addition, the Cooperative Development Fund, which has received parliamentary approval, aims to enhance the operational capabilities of cooperatives, thereby showcasing the government’s commitment to this essential sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, which contribute to a still significant funding gap. The Access to Business Funding Bill seeks to address these challenges by introducing innovative financing solutions. This includes a small-offer regime meant to facilitate equity capital raising, alongside provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, optimism is building over its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to produce positive outcomes for the broader community and enhance the resilience of Fiji’s economy. This proactive government approach reflects a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of sustaining growth and development throughout the nation.
The bill represents a significant step forward in providing crucial financial support to sectors that are fundamental to Fiji’s economic stability. The anticipated changes could lead to increased entrepreneurial activity, further enriching local communities and empowering those involved in the cooperative model.
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