Grants for women entrepreneurs in Iceland.

Since 1991 the Ministry of Welfare has once a year awarded grants to women entrepreneurs in Iceland with the aim of encouraging women to start up their own companies and to increase their access to finance. Grants are awarded by the ministry but the fund is hosted by the Directorate of Labour.

Next application deadline is in February 2020.

The prerequisites for a grant is that the project/company has to be owned by a woman at least 50%, the idea has to be innovative and make jobs in the long run. Grants are awarded for making business plans, for marketing, product development and a wage grant to start up a company. The project cannot be in direct competition with other products/services on the market.

The grantees have one year to finish their projects and have to turn in a report where they evaluate the project and turn in an overview of the costs involved.

Applications are online on the website, just click “Styrkir” to access the application system.

In the application there has to be a good description of the product/service idea in detail along with describing the market, the competition, and a thorough finance plan.

The application procedure starts in February each year and the grants are usually awarded in April – May. The applications are evaluated by an advisory board which evaluates the grants on the basis of the quality of the application, how innovative the idea is, competition, and how many jobs are created in the long run.

If more information and help is needed please give us a call – 531-7080 or send us an e-mail asdis.gudmundsdottir@vmst.is

Svanni – Loan Guarantee Fund

The loan guarantee fund is not open for applications since the project is being reviewed. Owners will decide in February 2020 if the project will be continued.

Svanni-loan guarantee fund was established on the 8th of March in 2011. The fund is owned by the Ministry of Welfare, The Ministry of Industries and Innovation.

Members of the board are Jóhanna Hreiðarsdóttir, Barði Jóhannsson and Sigþrúður Ármann but the Directorate of Labour is managing the fund.

Svanni award loans and loan guarantees to companies owned and directed by women. The fund is in cooperation with Landsbankinn who awards the loans and half of the loan guarantee. Deadlines are usually in April and in October. Only companies that are owned by women can apply. The maximum loan is 10.000.000 ISK.

The prerequisite is that the project is likely to lead to increased job opportunities and to innovative in some way.

It is possible to receive loans for the following:

  • Marketing
  • Product development
  • New ways in production

Applications can be found on the website by clicking “Lán”. In the application the applicants have to describe the project in detail and what the goal is. Applicants have to attach a business plan, a detailed finance plan as well as a confirmation of the ownership of the company to the application.

The applications are evaluated on the following criteria:

  • Description of the project
  • Innovative aspect
  • Job increasing – how many jobs
  • Value creation
  • Business plan
  • Finance plan
  • Risk assessment
  • Financial status

Call us or send an e-mail for further information

Ásdís Guðmundsdóttir, 531-7080

E-mail asdis.gudmundsdottir@vmst.is