The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation is designed to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that are recognized both locally and globally.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural communities where cooperatives have demonstrated effectiveness, particularly among indigenous Taukei populations. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the importance of cooperative models in promoting sustainable economic development and social advancement.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act this year. The recently established Cooperative Development Fund, which has received parliamentary approval, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to bolstering this essential sector.
Public consultations earlier this year indicated that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral, which have resulted in a significant funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing solutions including a small-offer regime that facilitates equity capital raising, alongside provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill progresses towards approval, there is a growing sense of optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield considerable benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures taken by the government signal a hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
This proposed legislation represents a critical step forward for aspiring entrepreneurs, and the collective efforts by the government and community can lead to a thriving economic landscape that supports innovation and growth in Fiji.
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