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Svanni Loan credit insurance fund

Do you need finance for your company?

Svanni – loan credit insurance fund is owned by the City of Reykjavík, the Prime Ministers Office and the Ministry of Higher Education, Science and Innovation.

Only companies that are majority (51%) owned by a woman/women and managed by a woman/women can get liability insurance. Warranty is only given to a company in operation.

It is possible to receive loans for the following:

• Marketing
• Product development
• New ways in production

It is required that a company or a company’s project (if applying for guarantee for a company’s individual project) includes job creation. An advantage is if there is also innovation.

It is possible to apply for loans for projects within companies that are based in some way on innovation, where the company and/or the project leads to job creation and increased value. An assessment is made of the company’s business plan and/or the specific project within the company for which the loan guarantee is applied for and is the basis of the application.

Loans are not guaranteed for excessive labor costs or the labor costs of the owners cf. in product development, sales and marketing.

As a general rule, there is no guarantee of a loan for regular operating costs.

It is possible to provide a loan for equipment that is necessary for the operation and/or the project, but then with a mortgage on the equipment in question. Loans are made for the cost of the equipment, provided that its use leads to job creation and an increase in value.

The maximum loan amount is 10. million ISK.   The Board of the Women’s Credit Insurance Fund is, however, authorized to process higher guarantees in exceptional cases, taking into account the nature and type of applications.

The following information is required:

Information about the company and its owners.
A clear description of the project/company, its goals and benefits.
Who is involved in the application and identification of partners.
Business plan (detailed financial and operational plan).
A description of the total financing of the company or of a limited project within the company, and confirmation of the financiers if they exist.
A plan for the income stream of the company and/or project and a plan for repaying the loan.
Copies of licenses for the relevant activity.

Applications are online on the website, just click „Loans“ to access the application system.

The Directorate of Labour is in charge of the administration of the project.

If more information and help is needed please send us an e-mail atvinnumalkvenna@atvinnumalkvenna.is or to the project manager asdis.gudmundsdottir@vmst.is