News

PSDI’s Financing Growth team was in Fiji recently to support the Ministry of Trade, Co-operatives, Small and Medium Enterprises (MTCSME) and the Reserve Bank of Fiji (RBF) with a series of stakeholder consultations on a proposed new Access to Business Funding Bill.

The Bill, which was developed with PSDI support, is designed to help increase access to capital for small and medium-sized enterprises (SMEs) in Fiji, by removing restrictions in the current regulatory framework and establishing the necessary foundations to enable innovative financing mechanisms with comprehensive investor protection arrangements, including crowdfunding, peer-to-peer lending, and small offers regimes.

PSDI recently published a policy paper regarding how these kinds of innovative financing mechanisms can lower barriers and provide more options for Pacific businesses seeking finance.

The consultations were held with a broad range of stakeholders, including SMEs themselves, private sector peak bodies, superannuation funds, banks, credit unions, development partner institutions, non-government organizations, and government agencies. Consultation participants provided valuable feedback and recommendations which will now be taken into consideration and, if necessary, the bill will be amended accordingly for submission to Cabinet in the coming months.