The Access to Business Funding Bill is anticipated to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This pivotal legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives, an issue acknowledged both in Fiji and on a global scale.
Kamikamica highlighted that access to finance is crucial for fostering economic empowerment, particularly in rural communities where cooperatives, especially among the indigenous Taukei population, have proven effective. This initiative is aligned with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the importance of cooperative models in sustainable development and social progress.
To further support this initiative, the Fijian government plans to modernize the legal framework governing cooperatives through amendments to the Co-operatives Act expected this year. Additionally, a newly established Cooperative Development Fund has recently received parliamentary approval to enhance the operational capabilities of cooperatives in the country.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to factors such as insufficient revenue histories, credit ratings, or collateral, resulting in a considerable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that allows private companies to more easily raise equity capital and enables investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is growing optimism that it will foster a more inclusive financial landscape in Fiji. This initiative is expected to empower entrepreneurs and stimulate local economic growth, ultimately benefiting the wider community and enhancing the resilience of Fiji’s economy. The commitment to improving access to finance not only addresses immediate financial barriers but also sets a hopeful foundation for sustainable economic growth in the country.
This development represents a meaningful step forward for the Fijian government in addressing the needs of the MSME sector, potentially leading to transformative economic opportunities that can uplift many communities across the nation.
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