The Access to Business Funding Bill is scheduled for approval next week, as disclosed by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during a recent parliamentary session. This significant legislative effort aims to confront the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—challenges that are also prevalent on a global scale.
Kamikamica highlighted the importance of improved access to finance for economic empowerment, especially in rural areas where cooperatives have shown considerable success, particularly among the indigenous Taukei communities. This legislative move aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, which emphasizes the role of cooperative structures in fostering sustainable economic and social development.
In an effort to bolster the cooperative sector, the Fijian government is planning to modernize the legal framework governing cooperatives by introducing amendments to the Co-operatives Act this year. Additionally, the recently established Cooperative Development Fund, which has garnered parliamentary approval, is anticipated to significantly enhance the operational capacities of cooperatives.
Public consultations conducted earlier this year revealed that many SMEs struggle to secure traditional financing due to factors such as inadequate revenue streams, lack of credit history, or not having sufficient collateral. The situation has created a noticeable funding gap, which the Access to Business Funding Bill seeks to address through innovative financing solutions. This includes provisions for a small-offer regime allowing private companies to raise equity capital with greater ease and establishing investment-geared crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is a growing optimism that it will help cultivate a more inclusive financial environment, empowering entrepreneurs and contributing to local economic growth. This initiative reflects the Fijian government’s commitment to enhancing access to finance for MSMEs and cooperatives, fostering a thriving entrepreneurial ecosystem that stands to benefit the broader community and strengthen the overall resilience of Fiji’s economy.
This proactive measure not only aims to resolve immediate financial barriers but also lays down a hopeful foundation for sustainable economic advancement, showcasing the government’s responsiveness to the needs of its entrepreneurial sector. By improving access to diverse funding sources, the bill has the potential to transform the financial landscape for MSMEs and cooperatives across the nation, leading to a brighter economic future.
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