The Access to Business Funding Bill is poised for approval by next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a recent parliamentary session. This crucial piece of legislation aims to address the financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern recognized on both local and international levels.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural areas where cooperatives, notably among the indigenous Taukei population, have proven effective. This legislative effort aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the vital role that cooperative models can play in fostering sustainable development and social progress.
As part of this initiative, the Fijian government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Furthermore, the recently established Cooperative Development Fund, which has secured parliamentary approval, aims to significantly enhance the operational capacities of cooperatives, reinforcing the government’s commitment to support this essential sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs encounter considerable barriers to accessing traditional financing options due to factors such as insufficient revenue histories, credit ratings, or collateral. This has led to a notable funding gap that the Access to Business Funding Bill seeks to address through innovative solutions. These include a small-offer regime that simplifies the raising of equity capital for private companies and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves forward, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could benefit the broader community and enhance the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation signal a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem that can support sustained growth and development for the nation in the years ahead.
Overall, this initiative not only represents a strategic response to the challenges faced by MSMEs but also embodies a forward-looking approach to economic empowerment in Fiji, promising to uplift communities and contribute to sustainable development.
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