The Access to Business Funding Bill is set to be approved next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This vital legislation is designed to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji.
During his announcement, Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have historically proven effective, especially among indigenous Taukei communities. This initiative aligns with the United Nations’ recognition of 2025 as the International Year of Cooperatives, highlighting the potential for cooperative models to drive sustainable development and social progress.
The Fijian government also plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the new Cooperative Development Fund, approved by Parliament, aims to enhance the operational abilities of cooperatives, underlining the government’s commitment to this essential sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a considerable funding gap. The Access to Business Funding Bill aims to address these challenges by introducing innovative financing solutions including a small-offer regime that facilitates equity capital raising and provisions for investment-focused crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative stands to significantly benefit the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation signal a hopeful commitment from the Fijian government to nurture a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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