The Access to Business Funding Bill is expected to gain parliamentary approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This significant legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue that has been acknowledged both locally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural regions where cooperatives have demonstrated their effectiveness, especially among the indigenous Taukei population. This initiative also aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the role of cooperative models in fostering sustainable development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act this year. Additionally, a newly established Cooperative Development Fund has recently received parliamentary approval, aimed at enhancing the operational capabilities of cooperatives, thereby showing the government’s commitment to this important sector.
Public consultations conducted earlier this year revealed that many SMEs struggle with accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a significant funding gap. The Access to Business Funding Bill intends to bridge this gap by introducing innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is a growing sense of optimism that it will create a more inclusive financial environment in Fiji. This initiative promises to empower entrepreneurs and stimulate local economic growth, potentially leading to significant benefits for the wider community and enhancing the resilience of Fiji’s economy. The government’s proactive measures signify a hopeful commitment to establishing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
Overall, the forthcoming legislative approval reflects a promising step towards addressing the financial barriers faced by local businesses and fostering a robust economic environment in Fiji.
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