Fijian businesses with the potential to grow by 20 percent or more annually for three consecutive years can now access between US$50,000 and US$200,000 in funding under the Asian Development Bank's new Frontier Initiative.
This was announced by Deputy Prime Minister and Minister for Trade Manoa Kamikamica, during the launch of the ADB Frontier Seed fund today.
Kamikamica says unlike traditional loans, businesses will repay based on a percentage of their revenue, allowing them to expand without the pressure of fixed repayments.
He says the Frontier Initiative targets “Gazelle” enterprises—businesses capable of sustaining high growth rates for several years.
The Deputy Prime Minister also revealed a major legislative milestone which is the access to Business Funding Bill 2025, which, if agreed to in Parliament today, will make Fiji the first Pacific nation to introduce laws for capital raising through Small Offers, Peer-to-Peer Lending and Crowdfunding.
He says this legislation is designed to simplify the capital-raising process and create a more robust financial ecosystem in Fiji.
Kamikamica says the government understands the challenges faced by MSMEs in overcoming financial and regulatory barriers.
He adds that the Ministry is drafting a five-year MSME Strategic Plan to guide the sector’s development.
In an interview with fijivillage News, the Asian Development Bank's Frontier Program Manager, Matthew Viner says the goal is to help companies target their growth, transform markets, and contribute to economic development in the Pacific region.
When asked about the funding process and eligibility, Viner says the program operates much like a private-sector investment process.
He says companies must meet certain criteria, such as having around $400,000 in turnover and they should be delivering a positive impact on ocean and climate.
He further says the repayment is tied to achieving specific milestones and it is a cost reimbursement model where there is no fixed interest or fixed payments.
When asked on how the funds will be tracked and monitored.
He says companies will use a digital platform developed by ADB to report on their progress monthly.
He says this allows ADB to track the usage of funds and provide support where necessary and the platform ensures that the capital is being used for its intended purpose and helps monitor the company's progress toward achieving its goals.
The Manager says businesses interested in applying can visit the ADB Frontier website, where they can find detailed information on how to apply for funding.
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