The Access to Business Funding Bill is set to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial piece of legislation aims to alleviate significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that have gained recognition both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have demonstrated effectiveness among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, reflecting the potential of cooperative models in promoting sustainable development and social advancement.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently established Cooperative Development Fund, which has received parliamentary approval, aims to enhance operational capabilities for cooperatives, highlighting the government’s commitment to this vital sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing primarily due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a significant funding gap. The Access to Business Funding Bill seeks to address these challenges through innovative financing solutions, including a small-offer regime that facilitates 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 approval, there is a burgeoning sense of optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to substantial positive outcomes for the broader community and enhance the resilience of Fiji’s economy. Overall, the government’s proactive measures represent a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development nationwide.
This bill not only addresses pressing financial needs but also underscores the importance of cooperative initiatives in fostering economic empowerment, particularly in underserved regions. By tapping into the cooperative model, Fiji is taking meaningful steps toward a more equitable financial landscape.
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