The Access to Business Funding Bill is expected to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in a recent parliamentary session. This significant legislation is designed to tackle the financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that resonate on both local and global levels.
Kamikamica highlighted the essential need for enhanced access to finance, particularly in rural areas where cooperatives, notably among the indigenous Taukei community, have proved their effectiveness. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the potential of cooperative models to foster sustainable economic growth and social advancement.
To further support the cooperative sector, the Fijian government plans to modernize the existing legal framework, with amendments to the Co-operatives Act expected this year. Recently, Parliament approved the establishment of a Cooperative Development Fund, aimed at bolstering the operational capacity of cooperatives, reinforcing the government’s commitment to empowering this vital sector.
Public consultations earlier this year revealed that many SMEs face significant challenges in accessing traditional financing due to insufficient revenue histories, credit ratings, and collateral requirements, which have resulted in a considerable funding gap. The Access to Business Funding Bill is intended to bridge this gap by introducing innovative financial solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding methods such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism that it will foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to benefit both individual communities and the broader economy. The proactive measures reflected in this legislation signify a hopeful commitment from the Fijian government, aimed at nurturing a robust entrepreneurial ecosystem capable of enhancing resilience and ensuring sustainable development in the future.
This legislative advancement not only addresses the immediate financial needs of MSMEs and cooperatives but also represents a strategic effort to create lasting economic opportunities across the nation.
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