The Access to Business Funding Bill is anticipated to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a session in Parliament. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that has received attention both nationally and globally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have shown their effectiveness, especially among the indigenous Taukei communities. This bill aligns with the United Nations’ recognition of 2025 as the International Year of Cooperatives, reinforcing the role of cooperative models in promoting sustainable development and social progress.
To further enhance the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act this year. Additionally, the recently approved Cooperative Development Fund aims to strengthen the operational capacities of cooperatives, highlighting the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs face significant barriers in accessing traditional financing due to inadequate revenue histories, credit ratings, or collateral, leading to a notable funding gap. The Access to Business Funding Bill is designed to fill this gap by introducing alternative financing solutions, including a small-offer regime that facilitates easier equity capital raising, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises to yield positive outcomes for the broader community and enhance the resilience of Fiji’s economy. The government’s proactive actions signify a hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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