The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This significant piece of legislation addresses the ongoing financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji — issues recognized both nationally and internationally.
Kamikamica emphasized the critical need for improved access to financing, particularly for rural communities where cooperatives have historically been effective, especially among the indigenous Taukei population. The initiative reflects the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the importance of cooperative models in promoting sustainable development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework that governs cooperatives, with amendments to the Co-operatives Act anticipated during this year. Furthermore, the newly established Cooperative Development Fund aims to support the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector.
Previous public consultations underscored the struggles many SMEs face in accessing traditional financing due to obstacles 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 financial solutions, including a small-offer regime that facilitates easier capital raising for private companies, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is a growing sense of optimism regarding its potential to foster a more inclusive financial environment in Fiji. By empowering local entrepreneurs and stimulating economic growth, this initiative could significantly benefit the broader community, enhancing the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to nurturing a robust entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
This legislative move could mark a turning point for many businesses in Fiji, encouraging innovation and resilience in a challenging economic landscape.
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