The Access to Business Funding Bill is on track for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent session in Parliament. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that have been highlighted both nationally and globally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have demonstrated their effectiveness, especially among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which underscores the importance of cooperative models in promoting sustainable development and social advancement.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently established Cooperative Development Fund, which has been approved by Parliament, aims to bolster the operational capabilities of cooperatives, further emphasizing the government’s commitment to this vital sector.
Public consultations held earlier this year revealed that many SMEs encounter significant barriers to accessing traditional financing options due to factors such as insufficient revenue histories, credit ratings, or collateral. This has created a substantial funding gap that the Access to Business Funding Bill aims to bridge through innovative financing solutions. Notably, the bill introduces a small-offer regime that will facilitate equity capital raising for private companies, along with provisions for alternative investment options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is rising optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to meaningful benefits for the broader community and strengthen the resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This forthcoming legislation marks a progressive step forward for Fiji, promoting not only economic empowerment but also a collaborative community spirit integral to its cooperative movement.
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