The Access to Business Funding Bill is set to be approved next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who shared this news during a parliamentary session. This significant piece of legislation aims to address the financial obstacles facing micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, as recognized both domestically and internationally.
Kamikamica stressed the essential need for improved access to finance, particularly in rural areas where cooperatives have been effective, especially among the indigenous Taukei communities. This initiative also aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the vital role that cooperative models can play in fostering sustainable development and social progress.
To strengthen the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. The newly approved Cooperative Development Fund is designed to enhance the operational capacities of cooperatives, further demonstrating the government’s commitment to this important sector.
Earlier public consultations revealed that many SMEs encounter significant challenges when accessing traditional financing options due to factors like inadequate revenue histories, credit ratings, or collateral. This has resulted in a pronounced funding gap that the Access to Business Funding Bill seeks to bridge through innovative financing solutions. These include a small-offer regime, facilitating easier equity capital raising for private companies, as well as provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
With the bill’s impending approval, there is growing optimism about its potential to foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is anticipated to yield positive outcomes for the broader community, enhancing the resilience of Fiji’s economy. The proactive measures encompassed in this legislation reflect the government’s hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill may herald a new era for MSMEs and cooperatives in Fiji, potentially leading to increased economic empowerment and a brighter future for many communities.
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