The Access to Business Funding Bill is set to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that have been recognized both nationally and internationally.
Kamikamica highlighted the pressing need for improved access to finance, 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, underscoring the significant role cooperative models can play in fostering sustainable development and social progress.
To enhance the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund aims to strengthen the operational capabilities of cooperatives, reinforcing the government’s commitment to this vital sector.
Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing due to barriers like inadequate revenue histories, credit ratings, or collateral, leading 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 investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is a growing 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 could lead to positive outcomes for the wider community and enhance the resilience of Fiji’s economy. The government’s proactive measures signify a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislative effort not only addresses financial accessibility but also aligns with global initiatives towards cooperative development, aiming to create a balanced ecosystem that benefits all Fijians.
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