Praneeta Prakash 
[Source: Parliament of the Republic of Fiji/ Facebook]
The Access to Business Funding Bill is critical in bridging the finance gap that has long hindered the growth of small and micro enterprises says Standing Committee on Economic Affairs Chair Sakiusa Tunabuna.
He highlighted this while hearing submissions on the bill which is currently in the consultation phase.
The bill is designed to enhance access to funding for SMEs, an essential sector in driving economic growth but often faces barriers in securing the necessary capital.
[Source: Parliament of the Republic of Fiji/ Facebook]
Tunabuna says the existing finance gap is estimated at around $2 billion.
“Through the bill, hopefully, we will be able to facilitate and to leverage financing, particularly outside of the banking system, to facilitate the establishment of more micro and small enterprises to drive economic growth for the country.”
One key feature of the bill is the formalization of the small office model, which has long been a common practice within Fijian communities.
[Source: Parliament of the Republic of Fiji/ Facebook]
Traditionally, small businesses have relied on funding from family members or local business networks to support their ventures.
Tunabuna also emphasized the role of intermediaries, which will be established and recognized by the Reserve Bank of Fiji.
These intermediaries will facilitate crowdfunding through online platforms, enabling businesses to raise funds for equity or debt.
