The Access to Business Funding Bill is expected to receive final approval by next week, as revealed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica in a recent parliamentary session. This significant piece of legislation aims to tackle the financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which are recognized as key challenges both locally and internationally.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have shown effectiveness, especially among the indigenous Taukei community. This legislative initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, stressing the importance of cooperative models in fostering sustainable economic development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives through anticipated amendments to the Co-operatives Act this year. Additionally, the recently approved Cooperative Development Fund aims to significantly enhance the operational capacity of cooperatives.
Public consultations held earlier this year highlighted that many SMEs struggle to access traditional financing options due to insufficient revenue streams, lack of credit history, or collateral, resulting in a considerable funding gap. The Access to Business Funding Bill is designed to bridge these financial gaps by introducing alternative financing solutions. It includes a small-offer regime that allows private companies to raise equity capital more efficiently and provisions for investment-minded crowdfunding methods like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism that it will create a more inclusive financial environment in Fiji, empowering entrepreneurs and stimulating local economic growth. This legislative action represents a strong commitment from the Fijian government to address the financial barriers faced by MSMEs and cooperatives, paving the way for a thriving entrepreneurial ecosystem that can sustain long-term growth and resilience within the nation’s economy.
This initiative is not just about addressing immediate financial needs; it has the potential to foster a new era of economic empowerment for communities across Fiji.
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