The Access to Business Funding Bill is set to be approved next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a recent parliamentary session. This important legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that resonates both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have demonstrated effectiveness among indigenous Taukei populations. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the essential role cooperative models can play in fostering sustainable economic growth and social advancement.
In addition to the Bill, the Fijian government is planning to modernize the legal framework governing cooperatives, with expected amendments to the Co-operatives Act this year. A newly established Cooperative Development Fund, which has been approved by Parliament, aims to strengthen the operational capabilities of cooperatives, underscoring the government’s commitment to this vital sector.
Public consultations conducted earlier in the year revealed that many SMEs struggle to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral. These challenges contribute to a significant funding gap that the Access to Business Funding Bill seeks to bridge by introducing alternative financing solutions, including a small-offer regime to facilitate equity capital raising, as well as investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the Bill progresses toward approval, there is growing optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could lead to significant positive outcomes for the broader community and enhance the resilience of Fiji’s economy. The proactive measures encapsulated in this legislation reflect a hopeful commitment from the government to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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