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 essential legislation aims to address the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji, an issue that is increasingly recognized both locally and internationally.
Kamikamica highlighted the urgent need for improved access to finance, especially in rural areas where cooperatives have proven effective among the indigenous Taukei population. The bill aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the significant role cooperative models can play in promoting sustainable economic development and social progress.
In support of this initiative, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act scheduled for this year. Additionally, the newly established Cooperative Development Fund, approved by Parliament, aims to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to fortifying this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This scenario has resulted in a noticeable funding gap that the Access to Business Funding Bill seeks to bridge through innovative solutions. These include a small-offer regime allowing private companies to raise equity capital more easily and investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, optimism is increasing about its potential to foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to have a positive impact on the broader community and enhance the resilience of Fiji’s economy. The steps taken by the government reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem that can support sustained growth and development throughout the nation.
In summary, this legislation offers a significant opportunity for MSMEs and cooperatives in Fiji, potentially transforming the financial landscape and uplifting many communities.
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