The Access to Business Funding Bill is anticipated to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This vital piece of legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, concerns that have been addressed both nationally and globally.
Kamikamica emphasized the pressing need for better access to finance, especially in rural areas, where cooperatives have demonstrated their effectiveness, particularly among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, reinforcing the potential of cooperative models to drive sustainable economic growth and social progress.
To further support the cooperative sector, the Fijian government intends to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, a newly established Cooperative Development Fund has received parliamentary approval, designed to enhance the operational capabilities of cooperatives and reinforce the government’s commitment to this crucial sector.
Public consultations conducted earlier this year highlighted the struggles many SMEs face in accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a significant funding gap. The Access to Business Funding Bill is poised to bridge this gap by introducing alternative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, optimism is growing that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to significant positive outcomes for the broader community and enhance the resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect the government’s hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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