The Access to Business Funding Bill is set to be approved as early as next week, according to statements made by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This significant piece of legislation aims to address the substantial financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—a concern that has been widely recognized both at local and international levels.
Kamikamica emphasized the urgent need to improve access to finance, particularly in rural areas where cooperatives have shown considerable effectiveness, notably among the indigenous Taukei communities. This initiative has further significance as it coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, which highlights the potential of cooperative models to contribute meaningfully to sustainable development and social progress.
To fortify support for the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected to be introduced later this year. Additionally, a newly established Cooperative Development Fund has recently been approved, aimed at enhancing the operational capacity of cooperatives, which demonstrates the government’s commitment to this critical sector of the economy.
Public consultations conducted earlier in the year revealed that many SMEs struggle to access traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral, contributing to a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more readily, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is a growing sense of optimism about its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and facilitating local economic growth, this initiative is likely to yield positive outcomes for the broader community, enhancing the 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.
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