The Access to Business Funding Bill is expected to receive approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent parliamentary session, Kamikamica highlighted the importance of addressing the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that have gained recognition at both national and international levels.
Kamikamica emphasized that improving access to finance is crucial for economic empowerment, especially in rural areas where cooperatives are proving to be effective, particularly among the indigenous Taukei community. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which aims to promote sustainable development opportunities provided by cooperative models.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated to be introduced this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capacity of cooperatives, reflecting the government’s commitment to strengthening this vital sector.
Recent public consultations revealed that many SMEs are struggling to access traditional financing due to barriers such as inadequate revenue histories, lacking credit ratings, and insufficient collateral. This has created a significant funding gap, which the Access to Business Funding Bill seeks to address by introducing innovative solutions. These include a small-offer regime that simplifies the raising of equity capital for private companies and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, optimism grows regarding its potential to create a more inclusive financial environment in Fiji. The initiative is designed to empower entrepreneurs and stimulate local economic growth, with the expectation that it will have positive repercussions for the wider community and strengthen the resilience of Fiji’s economy. The proposed reforms signal a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem capable of supporting long-term growth and adaptability in response to economic challenges.
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