The Access to Business Funding Bill is on track for approval next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This legislation aims to address the financial hurdles that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji—issues recognized both locally and globally.
Kamikamica underscored the urgent need for enhanced access to finance, particularly in rural regions where cooperatives have shown their effectiveness, especially among the indigenous Taukei population. This effort aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which emphasizes the important role cooperative models play in fostering sustainable economic growth and social progress.
The Fijian government plans to modernize the legal framework governing cooperatives, with proposed amendments to the Co-operatives Act expected this year. Additionally, the Cooperative Development Fund, recently approved by Parliament, aims to strengthen the operational capabilities of cooperatives, reflecting the government’s commitment to this vital sector.
Public consultations held earlier this year showed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to 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 would facilitate easier capital raising for private companies and provisions for alternative financing mechanisms such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, optimism is rising regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could have a major positive impact on the broader community and enhance the resilience of Fiji’s economy. The government’s proactive steps signify a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem, capable of supporting sustained growth and development throughout the nation.
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