The Access to Business Funding Bill is poised for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial legislation is designed to address the significant financial challenges encountered by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—a concern acknowledged both locally and internationally.
Kamikamica emphasized the pressing need for improved access to finance, particularly in rural areas where cooperatives have proven effective among the indigenous Taukei population. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the vital role of cooperative models in promoting sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with expected amendments to the Co-operatives Act this year. A newly established Cooperative Development Fund, which recently gained parliamentary approval, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to bolstering this critical sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This results in a notable funding gap, which the Access to Business Funding Bill is designed to bridge through innovative solutions. These include a small-offer regime that allows private companies to more easily raise equity capital and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2P).
As the bill approaches approval, there is growing optimism that it will create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the potential to yield positive outcomes for the broader community and enhance the overall resilience of Fiji’s economy. These proactive measures reflect a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
The pathway the Fijian government is charting underscores a dedicated effort towards economic empowerment and cooperation, particularly in underserved regions, which is a promising development for the future.
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