The Access to Business Funding Bill is anticipated to gain approval by next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This important legislation aims to address significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been recognized both locally and internationally.
Kamikamica underscored the critical need for enhanced access to finance, particularly in rural areas where cooperatives have proven to be effective, especially among the indigenous Taukei community. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the potential of cooperative models in fostering sustainable economic growth and social advancement.
The Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund is designed to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to this essential sector.
Public consultations held earlier this year highlighted that many SMEs face significant barriers to accessing traditional financing due to issues such as inadequate credit histories, insufficient revenue streams, or lack of collateral, which contribute to a notable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that facilitates equity capital raising and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, optimism is rising regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative promises to yield substantial benefits for the broader community and strengthen the resilience of Fiji’s economy. The government’s proactive approach signifies a hopeful commitment to developing a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and development across the nation.
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