The Access to Business Funding Bill is slated for approval next week, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica, who made the announcement during a parliamentary session. This crucial legislation aims to tackle significant financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji face, issues that have been recognized both nationally and internationally.
Kamikamica emphasized the critical importance of improving access to finance, especially in rural areas where cooperatives, particularly among the indigenous Taukei communities, have shown success. This initiative aligns with the United Nations’ proclamation of 2025 as the “International Year of Cooperatives,” which underscores the role of cooperative models in promoting sustainable economic development.
To enhance the cooperative sector, the Fijian government is planning to modernize the legal framework surrounding cooperatives, with amendments to the Co-operatives Act expected this year. Furthermore, the recently approved Cooperative Development Fund aims to strengthen the operational capabilities of cooperatives, reflecting the government’s ongoing commitment to this essential sector of the economy.
Public consultations earlier this year revealed that many SMEs encounter significant hurdles when trying to access traditional financing due to inadequate revenue histories, credit ratings, or collateral, resulting in considerable funding gaps. The Access to Business Funding Bill aims to bridge this gap through innovative financing solutions, including the implementation of a small-offer regime 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 growing optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative could have far-reaching positive effects for the broader community and enhance the overall resilience of Fiji’s economy. The proactive steps reflected in this legislation represent a hopeful commitment by the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting long-term growth and development throughout the nation.
This bill could usher in a new era of economic support for SMEs in Fiji, presenting an opportunity for growth and innovation within the local business landscape.
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