The Access to Business Funding Bill is set to receive approval by next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This vital piece of legislation aims to resolve significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue acknowledged both locally and globally.
Kamikamica stressed the urgent need for enhanced access to finance, especially in rural areas where cooperatives have proven effective, particularly among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the strategic role cooperative models play in fostering sustainable economic growth and social advancement.
To bolster the cooperative sector, the government plans to modernize the legal framework governing cooperatives. Amendments to the Co-operatives Act are anticipated this year, alongside the establishment of the Cooperative Development Fund, which has recently received parliamentary approval. This fund aims to significantly enhance the operational capacities of cooperatives, demonstrating the government’s commitment to this critical economic sector.
Public consultations earlier this year illustrated that many SMEs are struggling with accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, and collateral, resulting in a considerable funding gap. The Access to Business Funding Bill seeks to fill this gap by providing innovative financing solutions, including a small-offer regime that facilitates the raising of equity capital for private enterprises and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill moves towards approval, optimism is on the rise regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative could lead to significant positive impacts for the wider community and enhance the resilience of Fiji’s economy. The proactive measures woven into this legislation signify a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This upcoming legislation represents a pivotal moment for the business landscape in Fiji, offering not just a solution to financial barriers but also a renewed sense of hope and opportunity for aspiring entrepreneurs and cooperatives looking to thrive.
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