The Access to Business Funding Bill is expected to be approved next week, as announced by Fiji’s Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This vital legislation is designed to address the financial challenges confronting micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue recognized both nationally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have proven to be effective, especially among the indigenous Taukei community. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the potential for cooperative models to promote sustainable economic development and social progress.
The government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Furthermore, the Cooperative Development Fund, which was recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s ongoing commitment to this critical sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. These challenges have resulted in a substantial funding gap, which the Access to Business Funding Bill seeks to bridge through innovative financing solutions. These include a small-offer regime that will facilitate equity capital raising for private companies, as well as provisions for 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 foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could significantly benefit the wider community and enhance the resilience of Fiji’s economy. The government’s proactive measures illustrate a hopeful commitment to establishing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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