The Access to Business Funding Bill is set to be approved next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who made this announcement during a parliamentary session. This vital legislation aims to tackle the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji—issues acknowledged on both local and international levels.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have been effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the critical role these cooperative models can play in promoting sustainable development and social progress.
The government aims to modernize the legal framework for cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, to bolster the operational capabilities of cooperatives, Parliament has recently approved a Cooperative Development Fund, further underscoring the government’s commitment to this crucial sector.
Previous public consultations have indicated that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, which creates a significant funding gap. The Access to Business Funding Bill aims to address these issues by introducing innovative financing solutions, including a small-offer regime to facilitate easier equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, optimism is growing regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the potential to produce substantial benefits for the wider community and enhance the resilience of Fiji’s economy. The government’s proactive measures indicate a hopeful commitment to developing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This comprehensive approach not only addresses immediate financial barriers but also sets a course for long-term economic empowerment within communities across Fiji, signaling a positive shift towards inclusive financial access.
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