The Access to Business Funding Bill is anticipated to secure approval next week, as confirmed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a parliamentary session. This crucial legislation aims to tackle the financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, an issue recognized both nationally and globally.
Kamikamica highlighted the necessity for improved access to finance, particularly in rural areas where cooperatives have shown notable effectiveness, particularly among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underscoring the importance of cooperative models for sustainable development and social progress.
Additionally, the Fijian government is committed to modernizing the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. The establishment of the Cooperative Development Fund—recently approved by Parliament—is designed to significantly enhance the operational capabilities of cooperatives, further emphasizing the government’s dedication to empowering this vital sector.
Public consultations conducted earlier this year revealed that many SMEs encounter significant barriers when trying to access traditional financing options, often due to a lack of adequate revenue histories, credit ratings, or sufficient collateral. This has created a substantial funding gap, which the Access to Business Funding Bill aims to bridge through innovative financing solutions, including a small-offer regime that facilitates the raising of equity capital and investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses, there is a growing sense of optimism regarding its potential to foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and promoting local economic growth, this initiative holds promise for not only the MSME sector but also the broader community, ultimately enhancing the resilience of Fiji’s economy. The proactive steps being taken signal a hopeful commitment from the government to build a vibrant entrepreneurial ecosystem capable of supporting sustainable growth and development across the nation.
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