The Access to Business Funding Bill is expected to be approved next week, as indicated by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This significant legislation is designed to confront the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues recognized both locally and internationally.
Kamikamica underscored the urgent need for improved access to finance, particularly in rural communities where cooperatives have shown effectiveness, particularly among the indigenous Taukei population. This legislative effort coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the essential role cooperative models play in fostering sustainable development and social advancement.
To bolster the cooperative sector, the Fijian government aims to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. Additionally, a Cooperative Development Fund, recently approved by Parliament, will enhance the operational effectiveness of cooperatives, underscoring the government’s commitment to this vital area of the economy.
Previous public consultations highlighted that many SMEs struggle to secure traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has led to a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that facilitates equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, optimism is building regarding its potential to create a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative promises considerable benefits not only for the MSME sector but also for the broader community, enhancing the resilience of Fiji’s economy. This proactive approach reflects a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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