The Access to Business Funding Bill is on track for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent parliamentary session, he emphasized that this vital legislation aims to tackle the significant financial challenges confronted by micro, small, and medium enterprises (MSMEs) and cooperatives within Fiji, issues that have been recognized both domestically and internationally.
Kamikamica highlighted the pressing need for enhanced access to finance, particularly in rural areas where cooperatives have proven effective, especially for the indigenous Taukei communities. This legislative initiative aligns with the United Nations’s proclamation of 2025 as the International Year of Cooperatives, which underscores the critical role that cooperatives can play in fostering sustainable development and social advancement.
To further support the cooperative sector, the government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Additionally, the recently established Cooperative Development Fund, having garnered parliamentary approval, will bolster the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector.
Public consultations conducted earlier this year unveiled that many SMEs struggle with accessing traditional financing options due to barriers such as insufficient revenue histories, credit ratings, or collateral. This has contributed to a significant funding gap, which the Access to Business Funding Bill aims to bridge by introducing innovative financing solutions. These include a small-offer regime that facilitates private companies in raising equity capital more easily, as well as provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill nears approval, there is growing optimism that it will cultivate a more inclusive financial environment in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative has the potential to yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures reflected in this legislation are a hopeful indication of the government’s commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, the Access to Business Funding Bill represents a crucial step towards addressing the financial hurdles faced by many businesses, thereby fostering a more prosperous and equitable economic landscape in Fiji.
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