The Access to Business Funding Bill is slated for parliamentary approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This pivotal legislation is designed to alleviate financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, with issues that have gained recognition both locally and globally.
Kamikamica stressed the urgent need for improved access to financing, particularly in rural areas where cooperatives have proven beneficial, particularly among Fiji’s indigenous Taukei communities. This legislative initiative is timely, coinciding with the United Nations’ declaration of 2025 as the International Year of Cooperatives. Such recognition emphasizes the important role that cooperative models play in driving sustainable economic development and social progress.
The government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. In addition, the newly approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, signifying the government’s commitment to this vital sector of the economy.
Public consultations held earlier this year revealed that many SMEs encounter significant barriers when accessing traditional financing, primarily due to insufficient revenue histories, credit ratings, or collateral requirements, leading to a substantial funding gap. The Access to Business Funding Bill seeks to bridge this gap with innovative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill progresses toward approval, there is a growing sense of optimism surrounding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to considerable benefits for the broader community and bolster the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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