The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, in a recent parliamentary session. This significant legislation aims to address the financial hurdles faced by micro, small, and medium enterprises (MSMEs), as well as cooperatives in Fiji, an issue that resonates both locally and internationally.
Kamikamica highlighted that improving access to finance is vital, particularly in rural areas where cooperatives have shown their effectiveness, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the importance of cooperative models in fostering sustainable economic development and social progress.
Furthermore, the Fijian government is planning to modernize the legal framework governing cooperatives, with hopes to amend the Co-operatives Act in the upcoming year. In addition, the newly established Cooperative Development Fund, recently sanctioned by Parliament, is designed to amplify the operational capabilities of cooperatives, demonstrating the government’s commitment to this crucial sector of the economy.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to barriers such as a lack of revenue histories, credit ratings, or collateral, creating a notable funding gap. The Access to Business Funding Bill seeks to bridge this gap through innovative financing solutions. Key proposals include a small-offer regime facilitating easier equity capital raising for private companies and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill moves closer to approval, there is a growing feeling of optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and encouraging local economic growth, this initiative has the potential to positively impact a wide swath of the community and strengthen the resilience of Fiji’s economy. The proactive measures encapsulated in this legislation signify a hopeful commitment by the government to nurture a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development.
In summary, the forthcoming approval of the Access to Business Funding Bill marks a crucial step toward bolstering Fiji’s economic landscape by addressing pressing financial challenges faced by MSMEs and cooperatives, thereby paving the way for a more prosperous and inclusive future.
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