The Access to Business Funding Bill is set to be approved by next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation aims to alleviate the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that have gained recognition on both national and international levels.
Kamikamica emphasized the essentiality of improved access to finance for economic empowerment, particularly in rural areas where cooperatives have demonstrated notable effectiveness, especially within the indigenous Taukei community. This bill aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the potential of cooperative models to drive sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework guiding cooperatives with amendments to the Co-operatives Act expected this year. Additionally, the establishment of a Cooperative Development Fund, which has recently gained parliamentary approval, aims to enhance the operational capabilities of cooperatives, thereby signaling the government’s commitment to empowering this vital sector.
Public consultations earlier this year highlighted significant barriers that many SMEs face in accessing traditional financing, such as inadequate revenue histories, credit ratings, and collateral requirements. This has resulted in a substantial funding gap that the Access to Business Funding Bill seeks to address through innovative financial solutions. These include a small-offer regime that permits private companies to raise equity capital more easily, along with allowing investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism that it will cultivate a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds promise for the wider community and could enhance the resilience of Fiji’s economy. The proactive measures embodied in this legislation reflect a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem that supports sustained growth and development.
This initiative marks a pivotal step forward for many businesses in Fiji, and its success could lead to broader economic empowerment and resilience across the region.
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