The Access to Business Funding Bill is anticipated for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This crucial legislation is designed to address the significant financial challenges facing micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern recognized both nationally and internationally.
Kamikamica emphasized the pressing need for enhanced access to finance, particularly in rural areas where cooperatives, especially among the indigenous Taukei communities, have demonstrated effectiveness. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the role of cooperative models in promoting sustainable economic growth and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector of the economy.
Public consultations held earlier this year revealed that many SMEs face significant barriers to accessing traditional financing, such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a considerable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing alternative financing solutions, including a small-offer regime that facilitates easier equity capital raising and 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 growing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield positive benefits for the wider community and enhance the resilience of Fiji’s economy. The government’s proactive stance reflects a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This proposed legislation not only addresses immediate financial inequalities but also aligns with global initiatives aimed at enhancing cooperative models, ensuring that the development is shared and sustainable. The anticipation surrounding this bill illustrates a commitment to economic empowerment within Fiji, paving the way for a stronger and more inclusive future.
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