The Access to Business Funding Bill is set to be approved next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This crucial legislation aims to address the significant financial obstacles faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which have been acknowledged both nationally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, especially in rural regions where cooperatives, particularly among the indigenous Taukei population, have proven effective. The initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the potential role cooperative models can play in promoting sustainable economic development and social progress.
In a bid to support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to strengthening this essential sector of the economy.
Previous public consultations revealed that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral, leading to a substantial funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions, including a small-offer regime that facilitates easier equity capital raising, as well as provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism that it will foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative has the potential to yield significant benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures indicated by this legislation reflect a hopeful commitment from the government to nurture an entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This development is particularly encouraging as it seeks to address long-standing issues of financial exclusivity, thereby promoting equity and growth in Fiji’s economic landscape.
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