The Access to Business Funding Bill is expected to receive approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in a recent parliamentary session. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue recognized both locally and internationally.
Kamikamica highlighted that access to finance is critical for economic empowerment, particularly in rural areas where cooperatives have shown effectiveness among indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the potential for cooperative models to drive sustainable development and social progress.
The Fijian government is also planning to modernize the legal framework governing cooperatives, with amendments to the Cooperatives Act anticipated this year. In addition, a newly established Cooperative Development Fund, recently approved by Parliament, aims to strengthen the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector.
Public consultations conducted earlier this year revealed that many SMEs encounter significant barriers in accessing traditional financing, often due to insufficient revenue histories, credit ratings, or collateral. This situation has caused a substantial funding gap that the Access to Business Funding Bill seeks to bridge through innovative financing solutions, including a small-offer regime that facilitates equity capital raising and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, there is growing optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could significantly benefit the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
In essence, this initiative stands to make a meaningful difference in the lives of many Fijians, fostering an environment where businesses, particularly in rural areas, can thrive.
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