The Access to Business Funding Bill is set to receive approval next week, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica, who shared this update in Parliament. The bill aims to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives, an issue identified as crucial not only in Fiji but on a global scale.
Kamikamica highlighted that access to finance is essential for economic empowerment, particularly in rural areas where cooperatives play a vital role in supporting communities, especially among the indigenous Taukei population. This initiative also aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the cooperative model’s potential for sustainable development and social progress.
To further support economic growth, the Fijian government intends to modernize its legal framework regulating cooperatives through amendments to the Co-operatives Act this year. Additionally, the recently established Cooperative Development Fund aims to enhance the operational capacity of cooperatives, reflecting the government’s commitment to fostering economic resilience within the sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to inadequate revenue streams, a lack of credit history, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill is designed to address these challenges by enabling access to alternative financing sources. Key provisions of the bill include a small-offer regime for raising equity capital and avenues for investment-geared crowdfunding options, including equity crowdfunding and peer-to-peer lending (P2PL).
The anticipated approval of this bill signals a significant step towards creating a more inclusive financial landscape in Fiji. There is optimism that these reforms will empower entrepreneurs facing financial barriers, ultimately contributing to stronger, sustainable economic growth. As the government continues to implement these initiatives, it is hoped that they will foster a vibrant entrepreneurial ecosystem, benefiting the broader community and enhancing the overall resilience of Fiji’s economy.
This moment presents a hopeful opportunity for MSMEs and cooperatives, paving the way for a transformative economic environment in Fiji.
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