The Access to Business Funding Bill is anticipated to receive parliamentary approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This important legislation is designed to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a situation recognized both locally and globally.
Kamikamica highlighted the urgent need for enhanced access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the critical role that cooperatives can play in driving sustainable development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with expected amendments to the Co-operatives Act this year. Additionally, a Cooperative Development Fund has recently been approved by Parliament, aimed at strengthening the operational capabilities of cooperatives, further affirming the government’s commitment to this vital sector.
Public consultations earlier this year revealed that many SMEs struggle to access traditional financing sources due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a significant funding gap. The Access to Business Funding Bill aims to address these challenges by introducing innovative financing options, including a small-offer regime that will facilitate easier equity capital raising and provisions for investment-driven crowdfunding options, like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is growing optimism surrounding its potential to foster a more inclusive financial landscape in Fiji. This initiative could empower entrepreneurs and stimulate local economic growth, ultimately benefiting the broader community and enhancing the resilience of Fiji’s economy. The government’s proactive measures indicate a hopeful commitment to nurturing an entrepreneurial ecosystem capable of sustaining long-term growth and development.
This legislation represents an important step toward creating a more equitable financial environment, helping to bridge the gaps that have long hindered the growth of businesses in Fiji.
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