The Access to Business Funding Bill is anticipated to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This crucial legislation aims to tackle significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues that are acknowledged both nationally and internationally.
Kamikamica stressed the utmost importance of improved access to finance, particularly in rural regions where cooperatives have proven effective, especially among the indigenous Taukei population. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, emphasizing the role of cooperative models in promoting sustainable economic development and social advancement.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Additionally, the newly established Cooperative Development Fund, which has recently received parliamentary approval, aims to significantly enhance the operational capacity of cooperatives, underscoring the government’s commitment to strengthening this vital sector.
Public consultations conducted earlier this year have highlighted the struggles many SMEs face in accessing traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral. This has led to a considerable funding gap, which the Access to Business Funding Bill aims to bridge by introducing innovative financing solutions. These include a small-offer regime that facilitates equity capital raising for private companies, along with investment-driven options such as equity crowdfunding and peer-to-peer lending.
As this bill approaches approval, there is a growing wave of optimism surrounding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, the initiative is poised to yield positive results for the broader community and enhance the overall resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislation not only targets financial disparities but also aims to create pathways for inclusive participation in the economy, paving the way for a brighter future for all sectors engaged in business in Fiji.
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