The Access to Business Funding Bill is set for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This pivotal legislation is expected to address significant financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, challenges that have been recognized both locally and internationally.
Kamikamica emphasized the importance of improving access to finance, particularly in rural areas where cooperatives have shown considerable effectiveness, especially among the indigenous Taukei communities. The initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the potential of cooperative models to promote sustainable economic development and social progress.
To further support this sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. The recently established Cooperative Development Fund, which has received parliamentary approval, aims to enhance the operational capabilities of cooperatives, thereby reinforcing the government’s commitment to this crucial area.
Public consultations conducted earlier this year revealed that many SMEs struggle with access to traditional financing options. Barriers such as insufficient revenue histories, poor credit ratings, or lack of collateral have created a significant funding gap, which the Access to Business Funding Bill seeks to bridge by introducing innovative financing solutions. These include a small-offer regime that will allow private companies to raise equity capital more easily and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves towards its anticipated approval, there is growing optimism regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and promoting local economic growth, this legislative initiative could significantly benefit the wider community and enhance the resilience of Fiji’s economy. The proactive measures encapsulated in this legislation reflect a hopeful commitment by the Fijian government to foster a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and long-term development throughout the nation.
This legislation represents a promising step towards revitalizing the economy by addressing the systematic barriers faced by MSMEs, potentially leading to a thriving entrepreneurial culture that can withstand future challenges and contribute positively to the community.
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