The Access to Business Funding Bill is set for approval next week, according to Deputy Prime Minister and Minister for Trade Manoa Kamikamica. This important piece of legislation aims to address critical financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that are recognized both locally and on a global scale.
Kamikamica highlighted the urgent need for enhanced access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei communities. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the crucial role of cooperative models in promoting sustainable economic development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with proposals for amendments to the Co-operatives Act expected this year. In addition, the recently approved Cooperative Development Fund aims to strengthen the operational capabilities of cooperatives, highlighting the government’s commitment to this vital economic sector.
Public consultations earlier this year revealed that many SMEs face significant barriers to accessing traditional financing options, such as inadequate revenue history, credit ratings, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill seeks to bridge this divide by introducing innovative financing solutions, including a small-offer regime that facilitates equity capital raising, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative could yield considerable benefits for the broader community and enhance the overall resilience of Fiji’s economy. The government’s proactive measures represent a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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