The Access to Business Funding Bill is anticipated to secure approval next week, following an announcement by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This legislation aims to tackle the financial challenges facing micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue acknowledged both locally and globally.
Kamikamica emphasized the critical need for improved access to finance, particularly in rural areas where cooperatives have effectively aided the indigenous Taukei population. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the significant role cooperative models play in fostering sustainable development and social advancement.
To bolster the cooperative sector, the Fijian government is set to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. In addition, the newly approved Cooperative Development Fund aims to enhance operational capacities among cooperatives, showcasing the government’s commitment to supporting this crucial sector of the economy.
Earlier public consultations revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has created a substantial funding gap that the Access to Business Funding Bill seeks to bridge through innovative financing solutions. The bill includes provisions for a small-offer regime that will facilitate equity capital raising and incorporate investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, optimism is growing regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative holds the promise of generating significant benefits for the broader community, enhancing the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to establishing a vibrant entrepreneurial ecosystem capable of sustaining growth and fostering development throughout the nation.
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