The Access to Business Funding Bill is expected to gain parliamentary approval by next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This critical piece of legislation aims to address the financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji—a concern acknowledged both locally and internationally.
Kamikamica emphasized the urgent need for improved financing access, especially in rural areas where cooperatives have proven effective, particularly among the indigenous Taukei community. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the significant role cooperative models can play in sustainable development and social progress.
To further support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with proposed amendments to the Co-operatives Act expected this year. The introduction of the Cooperative Development Fund, recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, reinforcing the government’s commitment to this vital sector.
Public consultations conducted earlier this year revealed that many SMEs experience barriers when trying to access traditional financing due to inadequate credit histories, revenue histories, or collateral, resulting in a significant funding gap. The Access to Business Funding Bill is designed to close this gap with innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily, as well as investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is growing optimism regarding its potential to create a more inclusive financial environment in Fiji. This initiative aims to empower entrepreneurs and stimulate local economic growth, creating positive impacts for the broader community and enhancing the resilience of Fiji’s economy. The government’s proactive measures signal a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
The passage of this bill could mark a transformative step toward closing the financing gap for MSMEs in Fiji, ultimately fostering a more equitable and prosperous economic landscape.
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