The Access to Business Funding Bill is expected to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in a parliamentary announcement. This significant legislation seeks to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that has been highlighted both nationally and globally.
Kamikamica emphasized the pressing need for improved access to finance, particularly for rural communities where cooperatives have historically proven effective, especially among indigenous Taukei populations. This initiative aligns with the United Nations’ recognition of 2025 as the International Year of Cooperatives, underlining the importance of cooperative models in promoting sustainable development and social advancement.
The government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. In addition, the newly established Cooperative Development Fund aims to enhance the operational capacity of cooperatives, reflecting the government’s commitment to bolstering this essential sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs are struggling to access traditional financing due to barriers such as inadequate credit histories or collateral, which has resulted in a significant funding gap. The Access to Business Funding Bill is designed to bridge this gap by introducing alternative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, expectations rise that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative is poised to have a positive impact on the wider community and enhance the resilience of Fiji’s economy. The government’s proactive measures signify a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and continued development throughout the nation.
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