Renewed agreement supporting women's entrepreneurship
Justice and Gender Equality Minister Þorbjörg S. Gunnlaugsdóttir, Industry Minister Hanna Katrín Friðriksson and Reykjavík Mayor Heiða Björg Hilmisdóttir signed an agreement yesterday to continue the operations of Svanni – Women's Loan Guarantee Fund.
The loan guarantee fund supports women who own and operate smaller businesses, increases women's access to capital, creates more jobs and encourages innovation in business.
The fund provides loan guarantees according to its bylaws and lending policies, requiring that women hold a majority position in the company's board and ownership group. This agreement guarantees the fund's operations for the next four years.
"The fund's work helps increase women's business activity while also fostering innovation in the economy. Both are essential elements in building a modern economy in Iceland. Through this agreement, the government is doing its part to encourage this positive progress," says Justice Minister Þorbjörg S. Gunnlaugsdóttir.
Opportunities to develop ideas further
The loan guarantee fund was first established in 1997 but became inactive for a time. It was later revived and has been operating since 2011. Since then, Svanni has helped many women develop their ideas into sustainable businesses. Experience shows that supporting women in business creates wide-ranging benefits, not only for the women themselves but for society as a whole.
The fund's board includes three representatives, one from each of the fund's owners. The fund's newly appointed chair is Guðrún Tinna Ólafsdóttir, selected by the minister of justice and gender equality. The other board members are Ellen Jacqueline Calmon, representing Reykjavík City, and Hákon Skúlason, representing the Ministry of Industry.