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 recent parliamentary session. This crucial bill aims to tackle the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji, an issue that is recognized both locally and globally.
Kamikamica highlighted the urgent need for improved access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei population. This initiative is timely, coinciding with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which underscores the vital role that cooperative models can play in promoting sustainable economic development and social progress.
In addition to the bill, the Fijian government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. A newly established Cooperative Development Fund, which has gained parliamentary approval, aims to strengthen the operational capabilities of cooperatives, marking the government’s commitment to this essential sector.
Earlier public consultations revealed that many SMEs struggle to access traditional financing due to barriers like insufficient revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill is designed to address this by introducing innovative financing options, such as a small-offer regime that facilitates equity capital raising and investment-driven crowdfunding options, including equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is increasing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation demonstrate the government’s hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
In summary, the Access to Business Funding Bill not only aims to bridge the funding gap faced by SMEs but also promotes the cooperative model as a sustainable approach to economic empowerment, paving the way for a brighter economic future for Fiji.
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