The Access to Business Funding Bill is expected to gain approval next week, as disclosed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant piece of legislation is designed to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been recognized both locally and internationally as pressing issues.
Kamikamica highlighted the urgent need for improved financial access, particularly in rural areas where cooperatives have shown effective contributions, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, reinforcing the importance of cooperative models in fostering sustainable economic and social development.
The Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. Furthermore, the Cooperative Development Fund, which has recently been approved by Parliament, aims to significantly enhance the operational capacities of cooperatives, demonstrating the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to obtain traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has resulted in a noticeable funding gap that the Access to Business Funding Bill aims to address through innovative financing solutions. These include a small-offer regime designed to facilitate easier equity capital raising and provisions for investment-driven options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism regarding 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 wider community and enhance the resilience of Fiji’s economy. The proactive measures taken by the government reflect a hopeful commitment to promoting a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and development throughout the nation.
In summary, the Access to Business Funding Bill represents a transformative step towards improving financial accessibility for Fiji’s MSMEs and cooperatives, paving the way for economic empowerment and sustainability.
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