The Access to Business Funding Bill is anticipated to receive parliamentary approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial piece of legislation aims to address the significant financial hurdles that micro, small, and medium enterprises (MSMEs) and cooperatives encounter in Fiji, an issue acknowledged both locally and internationally.
Kamikamica emphasized the urgent need for enhanced access to finance, particularly in rural areas where cooperatives have proven successful, especially among indigenous Taukei communities. This initiative is aligned with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which highlights the role of cooperative models in fostering sustainable development and social progress.
The Fijian government plans to modernize the existing legal framework governing cooperatives with expected amendments to the Co-operatives Act this year. Furthermore, a Cooperative Development Fund, recently approved by Parliament, is set to strengthen the operational effectiveness of cooperatives, demonstrating the government’s commitment to this essential sector.
Public consultations held earlier this year revealed that many SMEs face significant barriers when trying to access traditional financing options, often due to insufficient revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding alternatives like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill progresses towards approval, there is growing optimism about its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to bring substantial benefits to the wider community and enhance the resilience of Fiji’s economy. The committed steps taken by the government signal a hopeful direction in nurturing a vibrant entrepreneurial ecosystem capable of fostering sustained growth and development throughout the nation.
This legislative effort reflects a proactive approach to addressing long-standing issues of financial access for MSMEs, opening doors for greater economic empowerment and opportunities for innovation in Fiji’s business sector.
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