The Access to Business Funding Bill is set for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation is intended to tackle the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that have been recognized nationally and globally.
Kamikamica highlighted the pressing need for improved access to finance, particularly in rural regions where cooperatives have shown effectiveness, especially among the indigenous Taukei population. This effort aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the role cooperative models can play in fostering sustainable development and social progress.
The Fijian government is also planning to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the Cooperative Development Fund, which was approved by Parliament recently, aims to enhance the operational capabilities of cooperatives, demonstrating the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to challenges such as inadequate revenue histories, credit ratings, or collateral, which contribute to a significant funding gap. The Access to Business Funding Bill is intended to bridge this gap 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 nears approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could deliver significant benefits for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures reflected in this legislation signal a hopeful and committed approach toward fostering a vibrant entrepreneurial ecosystem that can support sustained growth and development across the nation.
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