The Access to Business Funding Bill is set for approval next week, a development recently announced in Parliament by Deputy Prime Minister and Minister for Trade Manoa Kamikamica. He underscored that access to finance remains a significant obstacle for micro, small, and medium enterprises (MSMEs) and cooperatives, both globally and particularly within Fiji.
Kamikamica stated that the Fiji Government is actively addressing these hurdles with the upcoming Bill aimed at enhancing financial accessibility. He highlighted the cooperative sector’s vital role in economic empowerment, especially for indigenous communities in rural areas, noting that the United Nations has designated 2025 as the International Year of Co-operatives. This recognition emphasizes the cooperative model as a sustainable avenue for economic and social growth.
The government’s plans also include amending the Co-operatives Act and introducing a new grant program—the Cooperative Development Fund, which has already garnered significant interest. This initiative aims to support and expand cooperative operations, showcasing the government’s commitment to fostering economic resilience through innovative financing solutions.
Previous public consultations revealed that many SMEs in Fiji struggle with traditional financing due to insufficient revenue streams, credit history, or collateral, creating a notable funding gap. The Access to Business Funding Bill intends to bridge this gap through alternative financing opportunities, such as a small-offer regime for equity capital raises and investment-geared crowdfunding options, including equity crowdfunding and peer-to-peer lending.
As this legislative process unfolds, it signifies a proactive step taken by the Fijian government to create a more inclusive financial landscape that could pave the way for sustainable economic growth. Subsequently, this could not only bolster individual enterprises but also enhance overall economic stability, benefiting a broader segment of the Fijian population.
What stands out in this initiative is its potential to empower MSMEs and cooperatives significantly, providing pathways for financial independence and growth. As the country moves toward more inclusive financial practices, the collaborative efforts across sectors could create a robust foundation for entrepreneurship in Fiji.
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