The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica in Parliament. This important bill seeks to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives—an issue recognized as critical both locally and globally.
Kamikamica emphasized that access to finance is vital for economic empowerment, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei population. This initiative coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the importance of cooperative models in fostering sustainable economic and social development.
The government plans to modernize the legal framework regulating cooperatives through amendments to the Co-operatives Act this year. Additionally, the recently established Cooperative Development Fund, which has gained parliamentary approval, is poised to enhance the operational capacity of cooperatives across the nation.
Recent public consultations have revealed that a significant number of SMEs struggle to access traditional financing due to the absence of established revenue streams, credit histories, or collateral. This scenario has created a substantial funding gap that the Access to Business Funding Bill aims to bridge by introducing alternative financing options, including a small-offer regime for raising equity capital and investment-geared crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill progresses toward approval, there is optimism that it will foster a more inclusive financial environment in Fiji, empowering entrepreneurs and stimulating local economic growth. If successful, these initiatives could transform the business landscape, leading to greater financial accessibility for MSMEs and cooperatives, ultimately benefiting the wider community and enhancing the resilience of Fiji’s economy.
This legislative move reflects a proactive approach by the Fijian government in addressing financial barriers, showcasing a commitment to empowering the entrepreneurial spirit and laying the groundwork for sustainable economic growth. The anticipated approval of the Access to Business Funding Bill represents a hopeful step towards a vibrant entrepreneurial ecosystem in Fiji.
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