The Access to Business Funding Bill is anticipated to secure approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This pivotal legislation is designed to tackle the significant financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues recognized both locally and globally.
Kamikamica emphasized the urgent necessity for enhanced access to finance, particularly in rural regions where cooperatives have demonstrated effectiveness, particularly among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the potential of cooperative models to foster sustainable economic growth and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with proposed amendments to the Co-operatives Act expected this year. In addition, the recently established Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reflecting the government’s commitment to this essential sector.
Recent public consultations highlighted that numerous SMEs struggle to access traditional financing due to obstacles such as inadequate revenue histories, credit ratings, or collateral, which contribute to a substantial funding gap. The Access to Business Funding Bill seeks to address these challenges through innovative financing solutions, including a small-offer regime for raising equity capital and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill advances toward approval, there is a growing sense of optimism that it will cultivate a more inclusive financial environment in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative is poised to yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to develop a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
This effort showcases a progressive step forward for Fiji’s business landscape, potentially transforming the economic prospects for many SMEs and cooperative entities that have long struggled to secure the financial support they require.
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