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 during a recent parliamentary session. This significant piece of legislation is aimed at addressing the financial difficulties faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a challenge highlighted both domestically and globally.
Kamikamica underscored the importance of access to financing for economic empowerment, particularly in rural areas where cooperatives have demonstrated their effectiveness, especially among the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, marking the potential of cooperative structures to drive sustainable development and social progress.
To further strengthen the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act anticipated this year. In addition, a newly established Cooperative Development Fund has recently gained parliamentary approval and is expected to significantly enhance the operational capacity of local cooperatives.
Recent public consultations revealed that many SMEs struggle to secure traditional financing due to barriers, such as inadequate revenue histories, credit ratings, and collateral, leading to a substantial funding gap. The Access to Business Funding Bill aims to address these challenges by introducing innovative financing solutions, including a small-offer regime that simplifies the raising of equity capital for private companies and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
With the bill heading for approval, optimism is growing that it will pave the way for a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds promise for the broader community and enhances the resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem, which is capable of sustaining long-term growth and development in the nation.
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