The Access to Business Funding Bill is set for parliamentary approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent parliamentary session, he highlighted the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have prompted both national and international recognition.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have demonstrated notable effectiveness among the indigenous Taukei population. This initiative aligns with the United Nations’ proclamation of 2025 as the International Year of Cooperatives, underscoring the potential of cooperative models to promote sustainable economic growth and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. Additionally, a new Cooperative Development Fund has been approved by Parliament, aimed at enhancing the operational capabilities of cooperatives, further evidencing the government’s commitment to this essential sector.
Public consultations earlier in the year revealed significant barriers many SMEs face in accessing conventional financing, such as insufficient revenue histories, credit ratings, or collateral, which have resulted in a considerable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing alternatives such as a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves forward, there is growing optimism that it will foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative promises widespread positive impacts for the community and strengthens the overall resilience of Fiji’s economy. The government’s proactive approach represents a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, with the progress of this bill, Fiji is on a promising path toward more accessible financial support for its entrepreneurial landscape.
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