The Access to Business Funding Bill is anticipated to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that have been recognized both locally and internationally.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have demonstrated effectiveness, especially among indigenous Taukei communities. Aligning with the United Nations’ declaration of 2025 as the International Year of Cooperatives, this initiative underscores the important role that cooperative models can play in fostering sustainable economic development and social progress.
In addition to enhancing access to finance, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Moreover, the recently established Cooperative Development Fund, which has received parliamentary approval, aims to significantly bolster the operational capabilities of cooperatives, reflecting the government’s commitment to this essential sector of the economy.
The outcomes of public consultations conducted earlier this year indicated that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill is designed to bridge this gap through innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more efficiently as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, optimism is growing regarding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is poised to benefit the broader community and enhance the resilience of Fiji’s economy. The government’s proactive measures, as highlighted by this legislation, reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
The approval of the Access to Business Funding Bill presents an exciting opportunity for SMEs and cooperatives in Fiji to thrive, paving the way for a more robust and resilient economy.
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