The Access to Business Funding Bill is on track for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation is designed to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, addressing an issue recognized internationally.
Kamikamica emphasized the urgent need for better access to finance, particularly in rural areas where cooperatives have displayed effectiveness, especially among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, reinforcing the essential role of cooperative models in fostering sustainable economic development and social progress.
To enhance the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act expected later this year. Additionally, the newly established Cooperative Development Fund aims to significantly bolster the operational capabilities of cooperatives, reflecting the government’s commitment to this crucial sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing due to barriers 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 financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily, along with provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, there is growing optimism regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative could yield considerable benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect a hopeful commitment from the government to foster an entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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