The Access to Business Funding Bill is on track for approval by next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a session in Parliament. This important legislation aims to address the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern recognized both locally and internationally.
Mr. Kamikamica highlighted the urgent need for enhanced access to finance, especially in rural areas where cooperatives have proven to be effective, particularly among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the vital role that cooperative models can play in promoting sustainable economic development and social progress.
As part of its efforts to support the cooperative sector, the Fijian government is planning to modernize the legal framework governing cooperatives. Amendments to the Co-operatives Act are expected to be tabled this year, while the newly established Cooperative Development Fund has already received parliamentary approval to enhance the operational capabilities of cooperatives.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing options due to obstacles such as insufficient revenue histories, credit ratings, or collateral, leading to a significant funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing alternative financing solutions, including a small-offer regime that will facilitate easier 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 progresses toward approval, there is increasing optimism about its potential to create a more inclusive financial environment in Fiji. The empowerment of entrepreneurs and support for local economic growth could yield considerable benefits for the broader community, ultimately enhancing the resilience of Fiji’s economy. The proactive measures taken by the government reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislative initiative signifies a step forward not only for businesses but also for the economic empowerment of communities, especially in rural areas where financial resources are vital for development.
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