The Access to Business Funding Bill is set to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues recognized on both national and international levels.
Kamikamica highlighted the critical need for improved access to finance, particularly in rural areas where cooperatives have demonstrated effectiveness, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the potential of cooperative models in promoting sustainable development and social progress.
In efforts to enhance the cooperative sector, the Fijian government plans to modernize its legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, a Cooperative Development Fund has been established, recently approved by Parliament, aiming to bolster the operational capabilities of cooperatives—highlighting the government’s commitment to this critical economic sector.
Public consultations conducted earlier this year revealed that numerous SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, and collateral. This has resulted in a significant funding gap that the Access to Business Funding Bill seeks to bridge. It proposes innovative financing solutions such as a small-offer regime, easing equity capital raising for private companies, and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is a growing sense of optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative could yield considerable benefits for the community and enhance the overall resilience of Fiji’s economy. These proactive measures underscore a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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