The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to address the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji, a problem recognized both locally and internationally.
Kamikamica highlighted the critical need for better access to finance, particularly in rural areas where cooperatives have proven effective, especially among indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the role that these models play in promoting sustainable development and social progress.
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 the operational capabilities of cooperatives and reflects the government’s commitment to this vital sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional forms of financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, creating a significant funding gap. The Access to Business Funding Bill is designed to bridge this gap by introducing innovative financing solutions, including 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 progresses toward 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 lead to significant benefits for the broader community and enhance the overall resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, the Access to Business Funding Bill represents a promising opportunity for Fiji’s SMEs and cooperatives to thrive and contribute to a robust economy.
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