Funding and grants
Support for entrepreneurs and businesses is diverse and provided by many different parties. Here is an overview of the main funds in the support system. Please note that this list is not exhaustive, but it can provide guidance on where to seek assistance. Suggestions for entities you believe should be on the list are welcome and can be sent to heklan@heklan.is
Consultation is available for grant applications, and an appointment can be scheduled here.
Á Create.is Information about grants, funding, and other support can be found.
Overview of the main funds of the support system
Development Fund
The South Coast Development Fund is a competitive grant fund whose mission is to support cultural, employment, and innovation projects in the South Coast region, as well as other projects that align with the region's strategic plan.
The Development Fund of the South-West announces a call for eligible projects annually.
The Development Fund of the South-West announces a call for eligible projects annually.
Lóa Innovation Grants for the countryside
Lóa's goal is to increase innovation in rural areas.
The grants are awarded for innovative projects outside the capital region for one year at a time. Each project can receive a grant of up to 20 million króna.
The grants are awarded for innovative projects outside the capital region for one year at a time. Each project can receive a grant of up to 20 million króna.
Food Fund
The Food Fund supports development and innovation in the production and processing of food and by-products from agriculture and seafood. Emphasis is placed on sustainability, value creation, and competitiveness. The fund may also support product development and international market expansion. The fund supports projects and research in accordance with the UN's Sustainable Development Goals.
Grants for women's employment
Grants for women's entrepreneurship are awarded once a year and are intended for women who are working on a business idea or developing a project. The goal is to increase access to funding for women entrepreneurs.
Rannís
The role of RANNÍS is, among other things, to strengthen the foundations of Icelandic culture and the business sector by promoting targeted scientific work, technological development, and innovation. RANNÍS is responsible for, among other things:
Technology Development Fund
Promotes the competitiveness of industry by supporting development work and research in the field of technological development and innovation. The fund announces application deadlines for grants, and applicants can be individuals, companies, research institutions, and universities.
Research Fund
Allocations from the Research Fund are mostly used to pay salaries, and the vast majority of those who receive salaries from projects supported by the Research Fund are students in doctoral or master's programs.
Student Innovation Fund
The goal of the fund is to give universities, research institutions, and companies the opportunity to hire undergraduate and graduate students for summer work on ambitious and challenging research projects.
Infrastructure Fund
The mission of the Infrastructure Fund is to build research infrastructure in Iceland. The Infrastructure Fund provides grants for the purchase of equipment, databases, software, and other equipment considered essential for advancements in research.
Tax deduction for research and development projects
The goal is to boost research and development and improve the competitive position of innovative companies by granting them the right to a tax deduction for the costs of innovation projects.
Deduction from the income of foreign specialists
The goal is to attract foreign specialists who possess the necessary knowledge and skills to work in the country, and by making it easier for companies to hire such individuals, to prevent the relevant activities from being moved abroad.
Children's Cultural Fund
The main purpose of the fund is to support projects in the field of children's culture. Children's culture includes projects in the arts and culture that are created for children and/or with the active participation of children.
Literary Fund
The role of the Literature Fund is to promote Icelandic literature and book publishing. The Literary Fund supports, among other things, the publication of original works and the translation of literature into Icelandic, but also promotes the targeted promotion of Icelandic literature at home and abroad and handles other projects that fall under the fund's scope.
Archaeological Fund
The purpose of the archaeological fund is to promote the preservation and research of archaeological sites and artifacts. The fund operates according to allocation regulations no. 73/2004, which were issued pursuant to authorization in Article 24 of the National Monuments Act no. 107/2001.
Film fund
The Film Fund operates under the auspices of the Icelandic Film Centre in accordance with the Film Act No. 137/2001 and the Regulation on the Film Fund No. 229/2003, along with the Regulation amending Regulation No. 1066/2004. The role of the Film Fund is to promote Icelandic filmmaking through financial support. A film supported by the Icelandic Film Center must have Icelandic cultural relevance, unless special cultural reasons lead to the contrary.
Artist's grant
The role of the Designers' Fund, the Visual Artists' Fund, the Fund
The purpose of the Writers', Performing Artists', Music Performers', and Composers' Funds is to provide artists with stipends and grants in accordance with the law on artist salaries. Special committees handle the distribution of working stipends from the funds and are appointed based on recommendations from the professional associations of the aforementioned funds.
The purpose of the Writers', Performing Artists', Music Performers', and Composers' Funds is to provide artists with stipends and grants in accordance with the law on artist salaries. Special committees handle the distribution of working stipends from the funds and are appointed based on recommendations from the professional associations of the aforementioned funds.
Dungal Art Fund
The fund is primarily intended to support young artists who are just starting out in their artistic careers, and also to acquire works by them.
Cultural Fund of Iceland and Finland. Travel and Project Grant
The purpose of the fund is to strengthen the cultural ties between Finland and Iceland. To this end, the fund provides annual travel grants and other financial support. Grants are primarily awarded to individuals. Support for associations and institutions is also considered in special cases. Applications can be made for various projects that contribute to this goal, e.g., concert tours, collaborative projects between musicians, or publications.
Reykjavik Loftbrú – Travel grant for musicians
The purpose of the fund is to support progressive Icelandic musicians in establishing themselves internationally and to promote Reykjavík as a modern cultural city. Support is provided in the form of tickets, which are booked and allocated at the same time.
Cultural and Tourism Department of the City of Reykjavik
The City of Reykjavik annually provides grants to non-profit organizations, businesses, and
Provide individuals with grants for activities and services that align with their role.
of the municipality or is otherwise consistent with the policies, priorities, and prioritization of the city authorities.
Provide individuals with grants for activities and services that align with their role.
of the municipality or is otherwise consistent with the policies, priorities, and prioritization of the city authorities.
Collections Fund
The purpose of the fund is to support the operations of museums in accordance with the Museums Act No. 106/2011. All museums subject to this act may apply for project grants from the museum fund.
Music Fund
The purpose of the Music Fund is to promote Icelandic music and contribute to the promotion of Icelandic musicians and their musical compositions, in accordance with Act No. 76/2004. The fund is divided into two departments: the Music Department and the Marketing and Promotion Department. The Music Department provides grants for general music activities, such as music performance, music groups, music festivals, research and recording of music, preservation of music, and other music-related activities. The Marketing and Promotion Department provides grants, among other things, for marketing and promotional projects related to Icelandic music and musicians, and for other projects aimed at promoting Icelandic music and musicians at home and abroad.
Export Fund for Icelandic Music – ÚTON
The role of the Export Fund for Icelandic Music is to support Icelandic music professionals in bringing their music to a larger audience, in larger markets, and to increase their chances of success outside of Iceland. The fund will provide increased financial assistance for touring musicians, increased support for musicians with project development, and more opportunities to
to get to international music festivals and increased opportunities arise
relationship building.
to get to international music festivals and increased opportunities arise
relationship building.
Ylir Music Fund
The Harpa Music Fund for Young People is intended to provide young and promising musicians with the opportunity to perform in the new concert hall, Harpa, for years to come. Applicants can be individuals, orchestras, groups, or non-profit organizations.
Design Fund
The Design Fund provides grants for a wide range of projects in design and architecture: development and research, projects and marketing, as well as travel grants.
The mission of the Design Fund is to promote knowledge, employment, and value creation in the fields of design and architecture through financial support, as the fund is financed by the government.
The Design Fund also promotes increased exports of Icelandic design by supporting promotional and marketing activities abroad.
The mission of the Design Fund is to promote knowledge, employment, and value creation in the fields of design and architecture through financial support, as the fund is financed by the government.
The Design Fund also promotes increased exports of Icelandic design by supporting promotional and marketing activities abroad.
Development Fund for Educational Materials
The purpose of the fund is to promote the innovation, development, creation, and publication of educational materials for preschool, elementary, and secondary schools, with the goal of ensuring the availability and diversity of educational materials in accordance with the needs of students and schools.
Landsbankinn Community Fund
The Landsbankinn Community Fund is tasked with providing grants to worthy projects. Four types of grants will be awarded each year: scholarships, community grants, innovation and startup grants, and environmental grants.
Valitor Community Fund
The purpose of the fund is to support a wide variety of cultural, charitable, and community causes.
Aurora Charitable Foundation
The fund supports development and culture. Projects are intended to stimulate communities in a sustainable way.
AVS Research Fund in Fisheries
The AVS Research Fund operates under the Ministry of Fisheries and provides grants for research projects that increase the value of seafood. Grants are awarded for projects that address all aspects of fisheries and aquaculture. AVS Research Fund grants are for applied research and are intended for individuals, companies, and research, development, and academic institutions.
Development Fund for Tourist Destinations
The purpose of the fund is to provide grants for the development, maintenance, and protection of tourist sites owned or managed by municipalities and private entities throughout the country, and for measures that promote tourist safety and the protection of the nation's natural environment.
Agricultural Production Fund
Applications are invited from farmers, farmer cooperatives, and entities within the research and development sector.
When making decisions about allocations for projects aimed at promoting the growth of job opportunities in rural areas, priority is given to projects that involve significant innovation.
When making decisions about allocations for projects aimed at promoting the growth of job opportunities in rural areas, priority is given to projects that involve significant innovation.
Icelandic Bank's Venture Capital Fund
The Íslandsbanki Venture Capital Fund supports entrepreneurial projects that focus on renewable energy and sustainable fisheries. The fund's goal is to encourage innovation and development in the above-mentioned fields. The fund supports research in the field of sustainable energy use and sustainable development in fisheries, and relies on the expertise of Íslandsbanki's staff when selecting projects.
University of Iceland – Funds and Grants
Students, faculty, and staff of the University of Iceland can apply for grants from funds administered by the University. On the one hand, there are funds that provide grants for research, particularly for doctoral students and scholars at the university. However, there are the University of Iceland's Grant Funds, which contain more than sixty funds and gifts that have been bequeathed to the University since its founding. Most of the funds operate according to an approved charter, which directs them to award grants and recognition for various projects by students, faculty, and researchers.
Karolina's meeting
Iceland's crowdfunding site.
Karolina's meeting
Iceland's crowdfunding site.
Climate Fund
The Climate Fund is a special fund under the Minister of the Environment and Natural Resources. The fund's mission is to support innovative projects in the field of climate change and projects related to the promotion and education about the impacts of climate change.
Landsbankinn Innovation Grants
The purpose of Landsbankinn's innovation grants is to give entrepreneurs the opportunity to develop a new business idea, an older business idea in a new market, or a new product or service. The innovation grants are also intended to support entrepreneurs in purchasing materials, equipment, or professional services for innovation, or in attending courses that demonstrably build skills useful for developing a business idea.
Student Innovation Fund
The purpose of the fund is to give universities, research institutions, and companies the opportunity to hire undergraduate students to work on research and development projects during the summer semester. Individuals, institutions, and companies can apply for grants.
Energy fund
The Energy Fund is a state-owned entity and is responsible for its obligations. The Minister of Industry oversees the fund. The Energy Agency handles the daily administration of the Energy Fund.
Landsvirkjun's Energy Research Fund
Work capacity
Innovative companies are offered the opportunity to hire people from the unemployment rolls, and they are put on the company's payroll. The project's goal is to support innovation and development in companies, to connect job seekers with businesses, to support entrepreneurs with ideas for innovation and/or development, and to support job seekers and facilitate their job search.
Development of a business idea
The Employment Office offers various resources for people who want to create their own jobs, where the unemployed can work on their own project for three to six months. The goal of the project is to help job seekers develop their business idea with the aim of creating their own jobs.
Equality Fund
The purpose of the fund is to finance or support projects and research aimed at promoting gender equality in Icelandic society and internationally.
Iceland's Environmental Fund
The Fund awards grants to projects in the public interest. These may include projects such as environmental issues, cultural affairs, the arts, sports, and humanitarian matters.
Euro stars
Eurostars are for small and medium-sized enterprises (SMEs) that perform their own research and development (R&D), are internationally cooperative, and are market-oriented.
Parish Grants
The purpose of the fund is to prepare applications for international research funding, particularly Horizon 2020.
Nordplus
Various funds are available under the Nordplus program. For the higher education level, there are partnerships between educational institutions at different levels, as well as programs for preschool, basic, and secondary education, languages, and adult education.
The Nordic Film and Television Fund
The Nordic Culture Fund
The Nordic Development Fund
Nordic Atlantic Cooperation – NORA
Erasmus+
Projects of various kinds are supported, but there are also collaborative aspects between countries and the sharing of knowledge on common websites.
Creative Europe Culture
The purpose of the fund is to promote artistic creation in the country and to establish cooperation between art institutions and artists in Europe.
Creative Europe Media
Development of feature films and television content, creative documentaries, animation, and video games. Distribution and sales of films and multimedia content.
The Letterstedt Society
National Party
Nordic energy research
Nordic Energy Research (NER) supports research in the field of energy that concerns common interests of Nordic stakeholders and could lead to multinational research cooperation.
European Union Youth Program – EUF
Nordic Council of Ministers of the North – NATA
Real Estate Holding Company of the Southlands
Eignarhaldsfélag Suðurnesja (ES) is an investment company that was established for the purpose of promoting the development of the business sector in the South-Western Region. The company is majority-owned by the national government, the Icelandic Development Fund, the municipalities of the South Coast, and Festi pension fund.
Development Agency
provides long-term loans for investments, modernization, and financial restructuring of businesses within the agency's area of operation. The lending activities of the Development Fund are a financing option that promotes favorable loan terms and availability for small and medium-sized enterprises in rural areas.
The Development Fund offers a special loan category to provide support. women's entrepreneurship in the countryside and green loans.
The Development Fund offers a special loan category to provide support. women's entrepreneurship in the countryside and green loans.
Swan
Svanni provides loan guarantees to women with good business ideas and partners with Landsbankinn for loan services. The fund provides a 50% guarantee against the bank. Only projects/companies that are majority-owned and managed by women can apply for the guarantee, and the project is required to involve some degree of innovation. It is also required that there is a significant likelihood that the project/company will lead to increased job creation for women.
Innovation Fund for the Business Sector
is a venture capitalist who actively participates in the development and growth of the business community by investing in promising innovative and startup companies.
Original
Its goal is to build strong companies that can be leaders in their field and, at the same time, deliver good returns to investors. Frumtaki is intended to invest in companies that are past the startup stage, and detailed business plans are required. Frumtak is authorized to invest abroad to the extent necessary for the international expansion or market penetration of Icelandic companies, especially when there is a possibility of a merger or consolidation with a company owned by Frumtak.