The Access to Business Funding Bill is set for approval next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, issues recognized both locally and internationally.
Kamikamica emphasized the necessity of improved access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei population. This legislative move coincides with the United Nations’ designation of 2025 as the International Year of Cooperatives, underscoring the potential of cooperative models to drive sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the Co-operatives Act, with amendments expected this year. Additionally, the recently established Cooperative Development Fund has gained parliamentary approval and aims to significantly enhance the operational capabilities of cooperatives, reflecting the government’s commitment to bolstering this critical sector.
Public consultations revealed that many SMEs face significant barriers in accessing traditional financing—often due to inadequate revenue histories, credit ratings, or collateral—resulting in a substantial funding gap. The Access to Business Funding Bill seeks 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).
As the bill advances, there is growing optimism that it will create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could benefit the broader community and enhance the resilience of Fiji’s economy. The proactive steps reflected in this legislation signify a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
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