The Access to Business Funding Bill is set for approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial piece of legislation aims to address the financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which are challenges recognized both domestically and internationally.
Kamikamica highlighted the pressing need to improve access to finance, especially in rural areas where cooperatives have shown notable efficacy among the indigenous Taukei population. This initiative aligns with the United Nations declaration of 2025 as the International Year of Cooperatives, which underscores the importance of cooperative models in fostering sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework surrounding cooperatives, with amendments to the Co-operatives Act anticipated later this year. Additionally, the recently approved Cooperative Development Fund is designed to enhance the operational capacities of cooperatives, signifying the government’s commitment to strengthening this essential sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has led to a significant funding gap, which the Access to Business Funding Bill aims to bridge by introducing innovative financing solutions. Notably, it includes a small-offer regime that would enable private companies to raise equity capital more easily, in addition to provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is an increasing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative is expected to yield significant benefits for the broader community and enhance the overall resilience of Fiji’s economy.
The proactive measures taken in this legislation reflect a hopeful and committed approach by the Fijian government to foster a vibrant entrepreneurial ecosystem, capable of supporting sustained growth and long-term development across the nation. This effort is not only a response to existing challenges but also a step towards a more empowering economic landscape for all Fijians.
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