The Access to Business Funding Bill is anticipated to gain parliamentary approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This key piece of legislation is aimed at addressing the significant financial hurdles faced by micro, small, and medium enterprises (MSMEs) and cooperatives across Fiji.
Kamikamica highlighted that the ability to access finance is particularly critical for economic empowerment, especially in rural areas where cooperatives have successfully operated, notably among the Taukei community. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, which underscores the potential of cooperative models to promote sustainable economic growth and social progress.
The Fijian government is also set to modernize the legal framework governing cooperatives, with expected amendments to the Co-operatives Act in the upcoming year. Additionally, the newly approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this essential sector of the economy.
Public consultations held earlier revealed that many SMEs struggle to access traditional financing options primarily due to barriers such as inadequate credit histories, insufficient revenue streams, or lack of collateral, leading to a significant funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing alternative financing solutions, including a small-offer regime to facilitate equity capital raising and provisions for investment-driven options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could significantly benefit the wider community and bolster the overall resilience of Fiji’s economy. The proactive measures reflected in this legislation signify a hopeful commitment from the government to support a vibrant entrepreneurial ecosystem capable of fostering sustained growth and development throughout the nation.
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