The Access to Business Funding Bill is on track to be approved next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This important legislation is designed to address significant financial barriers faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, challenges that have been recognized as critical both locally and globally.
Kamikamica emphasized the essential role of access to finance for economic empowerment, particularly in rural areas where cooperatives have proven effective. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the cooperative model’s potential for sustainable and inclusive development. The government plans to modernize the legal framework regulating cooperatives by amending the Co-operatives Act this year, further solidifying its commitment to fostering economic resilience within the sector.
Recent public consultations highlighted that many SMEs struggle to secure traditional financing due to a lack of established revenue streams, credit histories, or sufficient collateral, resulting in a significant funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing options, such as a small-offer regime that allows private companies to raise equity capital more easily and facilitating investment-driven crowdfunding methods like equity crowdfunding and peer-to-peer lending.
As the bill progresses toward approval, there is optimism that it will create a more inclusive financial landscape, enabling entrepreneurs to overcome financial hurdles and contribute to local economic growth. This initiative not only seeks to address immediate access-to-finance issues but may also foster a thriving entrepreneurial ecosystem, ultimately benefiting the broader community and enhancing Fiji’s economic resilience.
The government’s proactive approach to reforming the funding landscape represents a hopeful step toward strengthening economic vitality, providing MSMEs and cooperatives with the necessary tools to thrive in a competitive market. This bill paves the way for a brighter economic future for the people of Fiji.
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