The Access to Business Funding Bill is set to be approved next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent session in Parliament. This critical legislation addresses the financial difficulties faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a concern that has gained attention both locally and internationally.
Kamikamica emphasized the importance of accessing financial resources, especially in rural regions where cooperatives—particularly among the indigenous Taukei communities—have proved to be effective. This initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the significant role that cooperative models can play in promoting sustainable economic growth and social advancement.
To further assist the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives by proposing amendments to the Co-operatives Act within the year. Additionally, the recently established Cooperative Development Fund, which received parliamentary approval, aims to enhance the operational capacities of cooperatives and reaffirm the government’s commitment to this vital sector.
Earlier public consultations discovered that many SMEs are struggling to access traditional financing due to barriers such as insufficient revenue histories, credit ratings, or collateral. These obstacles have created a substantial funding gap that the Access to Business Funding Bill seeks to address through innovative solutions. It introduces a small-offer regime enabling private companies to raise equity capital more easily and includes investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, there is a rising sense of optimism regarding its potential to foster a more inclusive financial landscape in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield positive impacts for the broader community, enhancing the resilience of Fiji’s economy. The proactive steps reflected by this legislation show the government’s hopeful commitment to creating a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development throughout the nation.
A summary of this article emphasizes the significance of the Access to Business Funding Bill in addressing the financial challenges facing MSMEs and cooperatives. The anticipated legislation not only aims to modernize the cooperative sector but also seeks to create an inclusive financial environment that supports economic empowerment and sustainability, underscoring the government’s dedication to fostering a thriving entrepreneurial landscape in Fiji.
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