The Access to Business Funding Bill is on track for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent parliamentary session, he highlighted the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that resonate both locally and globally.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural areas where cooperatives have proven effective, particularly among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the critical role of cooperative models in driving sustainable development and social progress.
The Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, a newly approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing options due to challenges such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a significant funding gap, which the Access to Business Funding Bill seeks to bridge through innovative financing solutions. These include a small-offer regime that facilitates equity capital raising and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is a growing sense of optimism regarding its potential to foster a more inclusive financial environment in Fiji. The initiative aims to empower entrepreneurs and stimulate local economic growth, promising to yield considerable benefits for the broader community and enhance the resilience of Fiji’s economy. This proactive approach from the government signifies a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and development throughout the nation.
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