The Access to Business Funding Bill is on track for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This anticipated legislation is poised to address the pressing financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been highlighted on a global scale.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives are especially effective, including among the indigenous Taukei communities. This legislative initiative coincides with the United Nations’ declaration of 2025 as the International Year of Co-operatives, which underscores the importance of such models in fostering sustainable development and social advancement.
In addition to the bill, the Fijian government plans to modernize the legal framework governing cooperatives through anticipated amendments to the Co-operatives Act this year. Also notable is the newly established Cooperative Development Fund, which recently gained parliamentary approval, aimed at enhancing the operational capabilities of cooperatives, thereby reinforcing the government’s commitment to this essential sector.
Public consultations conducted earlier in the year revealed significant barriers faced by many SMEs when attempting to access traditional financing options, often due to insufficient revenue histories, inadequate credit ratings, or lack of collateral. This has resulted in a considerable funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing solutions, including a small-offer regime that allows private companies in Fiji to raise equity capital more readily, as well as investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, optimism grows regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is expected to yield substantial benefits for the wider community and enhance the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation highlight the government’s hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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