The Access to Business Funding Bill is on track for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who announced this during a session in Parliament. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—an issue recognized both nationally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural regions where cooperatives have shown effectiveness among the indigenous Taukei communities. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the role cooperative models play in promoting sustainable development and social progress.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, a Cooperative Development Fund has recently received parliamentary approval, aimed at bolstering the operational capacities of cooperatives.
Recent public consultations highlighted the hurdles many SMEs face in accessing traditional financing due to barriers like inadequate revenue histories, credit ratings, or collateral. This situation has resulted in a significant funding gap that the Access to Business Funding Bill seeks to address through innovative financing solutions. These solutions include a small-offer regime that enables private companies to raise equity capital more readily and provisions for investment-driven options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism that it could create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds the potential to yield significant benefits for the broader community and enhance Fiji’s economic resilience. The government’s proactive measures reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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