The Access to Business Funding Bill is poised for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to tackle the financial barriers encountered by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues acknowledged both locally and internationally.
Kamikamica underscored the pressing need for better access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the role that cooperative models can play in promoting sustainable development and social progress.
In addition, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. The recently established Cooperative Development Fund, which received parliamentary approval, aims to bolster the operational capabilities of cooperatives, showcasing the government’s commitment to strengthening this vital sector.
Earlier public consultations revealed that many SMEs face challenges in accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a notable funding gap. The Access to Business Funding Bill is designed to address these issues by introducing innovative financing solutions, including a small-offer regime that allows easier 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 final approval, there is growing optimism regarding its potential to foster an inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the capacity to benefit the broader community and enhance Fiji’s economic resilience. The proactive measures reflected in this legislation showcase a hopeful commitment from the Fijian government to foster a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and long-term development throughout the nation.
This initiative represents a significant step forward in supporting local businesses and could pave the way for a more dynamic economy in Fiji, benefiting communities across the nation.
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