The Access to Business Funding Bill is set for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. The legislation is aimed at addressing the persistent financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—an issue acknowledged both domestically and internationally.
Kamikamica stressed the urgent need for improved access to finance, particularly in rural areas where cooperatives have shown effectiveness, especially among indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the vital role that cooperative models can play in promoting sustainable economic development and social advancement.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. The newly established Cooperative Development Fund also aims to bolster the operational capabilities of cooperatives, reflecting the government’s commitment to this crucial economic sector.
Public consultations held earlier in the year indicated that many SMEs struggle to access traditional financing due to obstacles like insufficient revenue histories, credit ratings, or collateral, leading to a significant funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing solutions, including a small-offer regime that makes it easier for private companies to raise equity capital and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism about its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could result in considerable benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures represented in this legislation underline a hopeful commitment by the government to foster a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, this initiative promises to not only improve funding access but also stimulate a renewed sense of hope and opportunity within Fiji’s entrepreneurial landscape.
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