The Access to Business Funding Bill, which aims to tackle the financial challenges facing micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, is expected to receive approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During a recent parliamentary session, Kamikamica emphasized the crucial role that access to finance plays in driving economic empowerment, particularly in rural areas where cooperatives—especially among the indigenous Taukei communities—have shown significant effectiveness.
This legislative initiative aligns with the United Nations’ declaration of 2025 as the International Year of Co-operatives, highlighting the importance of cooperative models in fostering sustainable development and social progress. To support these efforts, the Fijian government plans to modernize the legal framework governing cooperatives and introduce amendments to the Co-operatives Act this year. Additionally, a newly established Cooperative Development Fund, which has already gained parliamentary approval, aims to significantly bolster the operational capabilities of cooperatives.
Recent public consultations revealed that many SMEs struggle to access traditional financing options due to inadequacies in their revenue streams, credit histories, or collateral, leading to a notable funding gap. The Access to Business Funding Bill is designed to address these challenges by providing innovative financing solutions, including a small-offer regime to facilitate easier equity capital raising and investment-driven crowdfunding options—such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves toward approval, optimism is growing that it will create a more inclusive financial landscape in Fiji, empowering entrepreneurs and stimulating local economic growth. This proactive approach by the government shows a commitment to enhancing access to finance for MSMEs and cooperatives, ultimately paving the way for a thriving entrepreneurial ecosystem capable of supporting sustained economic development.
This legislative development represents a hopeful step forward, not only addressing immediate financial barriers but also laying a strong foundation for sustainable growth and resilience in Fiji’s economy. These initiatives signal a responsive and positive commitment to the needs of the country’s entrepreneurial sector, indicating potentially transformative opportunities for communities across Fiji.
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