General rules

Applications for 2023 are open from 1.2.2023-28.02.2023.

Projects or companies have to be owned by women at least 51%.

The project shall have an innovative aspect, either a new product/service or development of product/service and cannot be in direct competition with other products/service on the market and is to create jobs in Iceland in the long run.

Grants are awarded for product development, marketing, and for a business plan. If a company has been newly established and if there is a business plan available, there  is a possibility to apply for a grant to cover wages of the owner/entrepreneur. In that case a complete business plan has to be attached to the application. It is possible to apply for more than one type of grant.

The description shall we well outlined, with clear goals and how to reach them. The cost and revenue plan shall be detailed.

The highest grant is 4.000.000 isk and the lowest grants are 600.000 Isk. The grants for business plans amount to 600.000 Isk.

Please note that the grant covers 50% of the total cost of the project, grantees can claim  25% of the total cost as their own contribution, but 75% should be cost related to the project.  Grants for start-up cost (such as machines or equipment), operations (such as rent or supplies) or grants for production are not possible.

If a grant is awarded, the grantees have one year to work on their projects. They must then send in a final report, where the project is outlined, the status and the next steps. Also they need to send a summary of the cost involved. Please note that in the case of the business plan grant, grantees must turn in their business plan and do not have to send a summary of the cost.

The grants are obliged to be declared in a tax report. The grants are not for NGOs or similar organizations.

Grants for temporary projects, such as book publishing and concerts are not possible.

Grants for projects that have been awarded grants from others are not available.


In 2023 those applicants that get awarded grants for business plans will participate in a business workshop where they get the chance to develop their businesses. Further information about the workshop will be available soon.


The deadline for applications in 2023 is on the 28th of February. The applications are online and are not received in other formats.

There is a specific application for product development, marketing and wage grant and another one for business plans.

Applications are available online through the website