The Access to Business Funding Bill is set to be approved by next week, according to an announcement made by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This key legislation focuses on addressing the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that have been recognized both locally and internationally.
Kamikamica noted the urgent need for better access to finance, particularly in rural areas where cooperatives, especially those serving the indigenous Taukei population, have historically shown effectiveness. The initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the importance of cooperative models in promoting sustainable economic and social development.
To further support this sector, the Fijian government aims to modernize the legal framework governing cooperatives, with expected amendments to the Co-operatives Act this year. The recently approved Cooperative Development Fund is designed to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this vital sector.
Public consultations conducted earlier this year highlighted that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, leading to a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap through several innovative financing solutions. Notably, it includes a small-offer regime that will allow private companies to raise equity capital more easily, along with provisions for investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves towards approval, there is a growing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive approach indicates a hopeful commitment to fostering a robust entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislation represents a positive step toward addressing the financing challenges faced by local businesses, and its successful implementation could mark a transformative period for Fiji’s economic landscape, ultimately enhancing opportunities for entrepreneurs and community development.
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