The Access to Business Funding Bill is set to receive approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This significant legislation aims to tackle the financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—issues recognized both locally and globally.
Kamikamica emphasized the urgent need for better access to finance, particularly in rural areas where cooperatives have Proven to be effective, especially among the indigenous Taukei communities. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, highlighting the essential role cooperative models can play in fostering sustainable economic development and social progress.
To bolster the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act this year. Additionally, a newly established Cooperative Development Fund, recently approved by Parliament, aims to enhance the operational capabilities of cooperatives, reflecting a strong commitment to this crucial area of the economy.
Earlier public consultations revealed that many SMEs struggle with accessing traditional financing due to barriers like inadequate revenue histories, credit ratings, or collateral, resulting in a substantial funding gap. The Access to Business Funding Bill seeks to address this challenge by introducing innovative financing solutions, including a small-offer regime allowing private companies to raise equity capital more easily and provisions for investment-driven crowdfunding options such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill moves closer to approval, there is growing optimism about its potential to create a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could yield considerable benefits for the broader community and enhance the resilience of Fiji’s economy. The proactive measures contained in this legislation reflect a hopeful commitment from the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This bill, therefore, represents not just a legislative change but a stride towards fostering an inclusive economic landscape, encouraging innovation, and supporting the vital role of cooperatives in Fiji’s future.
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