The Access to Business Funding Bill is likely to gain approval by next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This significant piece of legislation aims to address the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a matter recognized both locally and globally.
Kamikamica highlighted the urgent need for improved access to finance, especially in rural regions where cooperatives have proven successful, particularly among the indigenous Taukei communities. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, underlining the viable role of cooperative models in driving sustainable economic growth and social advancement.
To further support the cooperative sector, the Fijian government is working on modernizing the legal framework governing cooperatives, with amendments to the Co-operatives Act expected later this year. Additionally, a newly established Cooperative Development Fund has been approved, aimed at enhancing the operational capabilities of cooperatives and showcasing the government’s commitment to this essential sector.
Public consultations conducted earlier this year revealed that many MSMEs struggle to obtain traditional financing due to barriers such as inadequate revenue histories or credit ratings, resulting in a considerable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions. These include a small-offer regime to facilitate equity capital raising and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial landscape in Fiji. This initiative promises to empower entrepreneurs and stimulate local economic growth, ultimately benefiting the wider community and enhancing the resilience of Fiji’s economy. The proactive measures outlined in this legislation reflect a hopeful commitment from the government to foster a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
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