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 recent parliamentary session. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue recognized both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural regions where cooperatives have historically proven effective among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the vital role that cooperative models can play in promoting sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework, with expected amendments to the Co-operatives Act this year. A newly established Cooperative Development Fund, which has recently received parliamentary approval, is intended to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing due to barriers like inadequate revenue histories, credit ratings, or collateral. This has led to a considerable funding gap that the Access to Business Funding Bill seeks to narrow through innovative financing solutions. These include a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding options such as 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 create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield positive results for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, this legislation represents a significant step forward for Fiji, aiming to foster an entrepreneurial spirit and provide much-needed financial access to those who contribute to the country’s economy.
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