The Access to Business Funding Bill is expected to receive parliamentary approval next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica. This legislation aims to tackle financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern that resonates both domestically and internationally.
During a recent parliamentary session, Kamikamica highlighted the critical need for enhanced access to finance, particularly for rural communities where cooperatives have proven successful, especially among indigenous Taukei groups. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the role of cooperative models in fostering sustainable economic development and social well-being.
To strengthen the cooperative sector, the Fijian government’s agenda includes modernizing the Co-operatives Act and implementing a Cooperative Development Fund, which has already gained parliamentary approval. This fund is designed to significantly improve the capabilities of cooperatives, illustrating the government’s commitment to economic empowerment.
Recent public consultations indicate that many SMEs struggle to access traditional financing due to barriers like insufficient revenue histories, credit ratings, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill aims to bridge this gap through innovative financing solutions. These include a small-offer regime that will simplify equity capital raising for private companies, along with provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is growing optimism that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could significantly benefit the community while strengthening the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation offer a hopeful prospect for the future of MSMEs and cooperatives in Fiji, paving the way for a dynamic entrepreneurial ecosystem capable of supporting long-term growth and development.
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