The Access to Business Funding Bill is anticipated to secure approval in the upcoming week, as Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, announced during a parliamentary session. This crucial legislation aims to tackle the financial hurdles confronting micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—a challenge recognized both domestically and on an international scale.
Kamikamica stressed the pressing need for improved access to finance, particularly in rural areas where cooperatives are especially effective among the indigenous Taukei communities. This initiative is aligned with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the important role cooperative models play in fostering sustainable economic development and social progress.
To enhance the cooperative sector, the Fijian government is set to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act proposed this year. Furthermore, a newly approved Cooperative Development Fund aims to boost the operational capabilities of cooperatives, signaling the government’s commitment to this critical sector.
Earlier public consultations highlighted significant barriers MSMEs face in accessing traditional financing, often due to issues like insufficient revenue histories, inadequate credit ratings, and lack of collateral. This situation has created a substantial funding gap that the Access to Business Funding Bill seeks to address through innovative financing solutions. These include a small-offer regime that allows private companies to raise equity capital more easily, alongside provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to generate significant benefits for the broader community and strengthen the resilience of the Fijian economy. The government’s proactive measures underscore a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
Comments: This article reflects the government’s proactive approach to addressing financial accessibility for MSMEs and cooperatives in Fiji. If approved, the Access to Business Funding Bill could not only support economic growth but also empower local communities, particularly in rural areas where such opportunities are often limited. It represents a significant step toward financial inclusivity and systemic support for small businesses, a critical component in shaping a resilient economy.
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