The Access to Business Funding Bill is set to gain approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a pressing concern recognized both domestically and internationally.
Kamikamica underscored the need for improved access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the essential role that cooperative models can play in driving sustainable development and social progress.
To strengthen the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act expected this year. Additionally, the Cooperative Development Fund, which was recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, further reflecting the government’s commitment to this vital sector.
Public consultations held earlier this year revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill intends to bridge this gap by introducing innovative financing solutions, including a small-offer regime that will facilitate equity capital raising for private companies and provisions for investment-driven crowdfunding options like 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 has the potential to positively impact the broader community and enhance the resilience of Fiji’s economy. The proactive measures incorporated in this legislation illustrate the government’s hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislative effort signals a promising step forward for the economic empowerment of local businesses and communities, fostering an environment where small enterprises can thrive and contribute significantly to Fiji’s future.
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