The Access to Business Funding Bill is set to receive parliamentary approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that is both recognized locally and acknowledged on an international level.
Kamikamica noted the pressing need for improved access to finance, especially in rural regions where cooperatives have been particularly effective, particularly among Fiji’s indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the importance of cooperative models in fostering sustainable development and social progress.
In addition to the bill, the Fijian government is planning to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated to be proposed this year. Moreover, a Cooperative Development Fund, recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to supporting this vital sector.
Earlier public consultations revealed that many SMEs struggle to access traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral, contributing to a significant funding gap. The Access to Business Funding Bill is designed to bridge this gap by introducing innovative financing solutions, including a small-offer regime that facilitates easier raising of equity capital and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to deliver substantial benefits to the wider community and enhance the resilience of Fiji’s economy. The proactive measures embodied in this legislation signify a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill represents a significant step towards addressing the financial obstacles faced by MSMEs and cooperatives, potentially paving the way for increased economic empowerment and social advancement in Fiji.
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