The Access to Business Funding Bill is poised for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation seeks to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—concerns recognized both locally and internationally.
Kamikamica emphasized the urgent need for better access to finance, especially in rural areas, where cooperatives have demonstrated effectiveness, particularly among indigenous Taukei communities. This initiative is in line with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the potential of cooperative models in promoting sustainable economic development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act this year. Additionally, a newly established Cooperative Development Fund, recently approved by Parliament, aims to strengthen the operational capabilities of cooperatives, underscoring the government’s commitment to this essential sector.
Public consultations conducted earlier this year revealed that many SMEs struggle with access to traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, culminating in a substantial funding gap. The Access to Business Funding Bill is designed to bridge this gap by introducing innovative financing solutions, including a small-offer regime to facilitate equity capital raising and various investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is expected to yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
In conclusion, the Access to Business Funding Bill could mark a transformative step for Fiji’s MSMEs and cooperatives, providing them with much-needed financial support to thrive and contribute to the country’s economic landscape.
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