The Access to Business Funding Bill, set to receive approval next week, is a significant step for Fiji’s economic development, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This legislation aims to address the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives encounter in the country, an issue recognized both nationally and on an international scale.
Kamikamica highlighted the urgent need for improved access to financial resources, particularly in rural areas where cooperatives have shown effectiveness, especially among indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the essential role of cooperatives in promoting sustainable development and social progress.
To bolster the cooperatives sector, the Fijian government plans to modernize the regulatory framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. Additionally, a Cooperative Development Fund has also gained parliamentary approval, enhancing the operational capabilities of cooperatives and showcasing the government’s commitment to this sector.
Public consultations earlier this year revealed that many SMEs struggle to secure traditional financing due to barriers like inadequate revenue histories, poor credit ratings, or lack of collateral, resulting in a significant funding gap. The Access to Business Funding Bill aims to bridge this gap through innovative solutions, including a small-offer regime that allows private companies to more easily raise equity capital, as well as provisions for equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism regarding its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating localized economic growth, this initiative promises to deliver substantial benefits to the broader community and enhance the resilience of Fiji’s economy. The proactive measures in this legislation reflect a hopeful commitment from the government to nurture a vibrant entrepreneurial ecosystem, capable of fostering sustained growth and development throughout the nation.
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