The Access to Business Funding Bill is set to receive parliamentary approval next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. This legislation aims to tackle significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, which are recognized as crucial issues both locally and globally.
Kamikamica highlighted the necessity for improved access to finance, particularly in rural areas where cooperatives have demonstrated their effectiveness, especially among indigenous Taukei communities. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the cooperative model’s potential for sustainable economic development and social progress.
To further bolster economic empowerment, the Fijian government plans to modernize the legal framework governing cooperatives by amending the Co-operatives Act within this year. Recently approved, the Cooperative Development Fund aims to enhance operational capacity and support for cooperatives, signaling the government’s commitment to advancing economic resilience.
Insights gathered from public consultations have shown that many SMEs struggle to access traditional financing due to inadequate revenue streams, credit histories, or collateral, leading to a significant funding gap. The Access to Business Funding Bill seeks to remedy this through innovative financing alternatives, including a small-offer regime for raising equity capital and facilitating investment-geared crowdfunding methods such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As this bill moves closer to approval, there is widespread optimism that it will foster a more inclusive financial environment, empowering entrepreneurs and contributing to local economic growth. This proactive approach not only addresses immediate financial barriers but also aims to cultivate a robust entrepreneurial ecosystem that can positively impact the community and strengthen Fiji’s economy over the long term.
The government’s initiative represents a hopeful stride towards empowering MSMEs and cooperatives, promising a transformative economic landscape that could enhance the resilience and vitality of Fiji’s economy.
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