The Access to Business Funding Bill is expected to gain approval next week, as stated by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial piece of legislation aims to tackle the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—a concern that has been recognized both domestically and internationally.
Kamikamica underscored the importance of improved access to finance as a means of fostering economic empowerment, particularly in rural areas where cooperatives, notably among the indigenous Taukei population, have shown their effectiveness. This initiative coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the vital role these community-driven organizations can play in sustainable development.
To further strengthen the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected to be proposed this year. The recent establishment of the Cooperative Development Fund, which has also received parliamentary approval, aims to bolster the operational capacity of cooperatives significantly, reflecting the government’s commitment to supporting this crucial sector.
Recent public consultations have revealed that many SMEs struggle to access traditional financing due to several barriers, such as inadequate revenue histories, insufficient credit ratings, or lack of collateral, leading to a notable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing alternatives, including a small-offer regime that enables private companies to raise equity capital more easily, as well as provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill moves towards approval, there is a growing sense of optimism that it will foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds great promise for benefiting the wider community and enhancing the overall resilience of Fiji’s economy. The proactive measures encompassed in this legislation suggest a hopeful outlook for the future of MSMEs and cooperatives in Fiji, paving the way for a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and development throughout the nation.
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