The Access to Business Funding Bill is set to receive approval next week, as announced by Fiji’s Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives, concerns that have garnered attention both locally and globally.
Kamikamica emphasized the pressing need for improved access to finance, particularly in rural areas where cooperatives, especially among the indigenous Taukei community, have shown their effectiveness. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underlining the potential of cooperative models to promote sustainable development and social advancement.
To support this sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected within the year. The newly established Cooperative Development Fund, which has received parliamentary approval, aims to enhance the operational capabilities of cooperatives, reflecting a commitment to strengthening this vital part of the economy.
Public consultations conducted earlier this year highlighted that many SMEs struggle to access traditional financing due to barriers like insufficient revenue histories, credit ratings, or lack of collateral, resulting in a significant funding gap. The Access to Business Funding Bill seeks to address these challenges by introducing innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more readily and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill approaches approval, optimism grows regarding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative could have far-reaching impacts for the wider community, enhancing the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation signal a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development across the nation.
In conclusion, the Access to Business Funding Bill represents a hopeful step towards economic empowerment for local entrepreneurs and underserved communities in Fiji, potentially paving the way for a resilient and sustainable economic future.
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