The Access to Business Funding Bill is set to be approved next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues recognized both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural regions where cooperatives have demonstrated effectiveness, particularly among the indigenous Taukei communities. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the essential role that cooperative models can play in promoting sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act within this year. Furthermore, 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 this vital sector.
Public consultations earlier in the year disclosed that many SMEs struggle with access to traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral, generating 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 enables private companies to raise equity capital more easily, as well as investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As momentum builds toward the bill’s approval, optimism is growing about its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative holds promise for substantial benefits to the broader community and aims to reinforce the resilience of Fiji’s economy. The proactive measures reflected in this legislation signal a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
This bill, if implemented effectively, could serve as a blueprint for similar initiatives in other regions facing the same financial access challenges, demonstrating that collaboration and innovation can lead to significant improvements within local economies.
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