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

The project is to create jobs in Iceland in the long run

The project shall have an innovative aspect, either a new product/service or development of product/service

The description shall we well outlined, with clear goals and how to reach them.

The cost and revenue plan shall be detailed.

The project cannot be in direct competition with other products/service on the market

The highest grant is 4.000.000 isk and the lowest grants are 600.000 isk

The grant covers 50% of the total cost of the project, grantees can claim 50% of the grant (or 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) for operations and for production are not possible.

It is possible to apply for grants for business plans (600.000 isk), product development, and marketing.

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.

The grants are obliged to be declared in a tax report.

There is a specific application for business plans where you only have to fill in information about the project, aims and what is innovative in the project. If a grant for business plan is awarded, the business plan shall be turned in and no need to send an overview of the cost.

The grants are not for NGOs or similar organizations.

Grants for temporary projects, such as book publishing and concerts.

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


Applications are available online through the website