The Access to Business Funding Bill is expected to receive parliamentary approval next week, following an announcement by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This significant legislation aims to address the financial difficulties faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, challenges that are recognized at both national and international levels.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have proven effective, notably among the indigenous Taukei communities. This legislative initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the transformative potential cooperative models can have in fostering sustainable economic and social development.
To strengthen the cooperative sector, the government plans to modernize the legal framework governing cooperatives, with proposed amendments to the Co-operatives Act anticipated this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, underscoring the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a significant funding gap that the Access to Business Funding Bill seeks to bridge through innovative financing solutions, including a small-offer regime for equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield considerable benefits for the wider community and enhance the resilience of Fiji’s economy. The government’s proactive measures embodied in this legislation reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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