The Access to Business Funding Bill is anticipated to gain approval by next week, as stated by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This pivotal legislation is designed to address the financial challenges haunting micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues that are acknowledged both at a national and global scale.
Kamikamica highlighted the pressing need for enhanced access to financing, especially in rural areas where cooperatives have proven their effectiveness, particularly among the indigenous Taukei population. This initiative also aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the importance of these models in driving sustainable development and social progress.
To bolster the cooperative sector, the Fijian government intends to modernize the existing legal framework with proposed amendments to the Co-operatives Act expected this year. Additionally, a newly approved Cooperative Development Fund aims to significantly improve the operational capabilities of cooperatives, reinforcing the government’s commitment to this vital economic sector.
Recent public consultations have revealed that numerous SMEs struggle with accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, and collateral, leading to a significant funding gap. The Access to Business Funding Bill aims to bridge this gap by introducing innovative financing solutions, including a small-offer regime that facilitates equity capital raising and various investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches its approval, optimism is rising regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative is poised to yield substantial benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures illustrated in this legislation reflect a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill may pave the way for a more equitable financial environment, ultimately contributing toward a robust and thriving economy in Fiji.
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