The Access to Business Funding Bill is poised to be approved next week, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica. This significant legislative measure aims to address the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that have garnered both national and international attention.
During a recent parliamentary session, Kamikamica emphasized the essential need for improved access to finance, particularly in rural areas where cooperatives, especially among indigenous Taukei communities, have demonstrated their effectiveness in promoting economic empowerment. This initiative is also timed with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the critical role of cooperatives in fostering sustainable development and social progress.
To further bolster 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 received parliamentary approval, aims to enhance the operational capabilities of cooperatives, showing the government’s commitment to strengthening this vital sector.
Public consultations conducted earlier this year highlighted that many SMEs encounter substantial barriers when attempting to access traditional financing options. Factors such as inadequate revenue histories, credit ratings, and collateral have created a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that makes it easier for private companies to raise equity capital, as well as investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill moves toward approval, optimism is on the rise regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds promise for benefiting not just the MSME sector but the broader community as well, thereby enhancing the resilience of Fiji’s economy. The proactive steps taken by the government signal a hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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