Innovation South Greenland launches business support pool for entrepreneurs
Aallarnisaatit
Innovation South Greenland (ISG) introduces a new business development fund, Aallartisaatit, to make it easier for entrepreneurs in South Greenland to get started. The new fund offers financial support to both start-ups and established businesses with projects that promote local business development.
Aallartisaatit was created to support entrepreneurship and growth in the region. The pool is open to applications from both new and established companies with projects that can contribute to business development in South Greenland.
DKK 400,000 has been allocated to Aallartisaatit this year, and ISG will continuously evaluate how much the pool should be allocated in the future.
“The new business promotion pool is a step towards strengthening the opportunities in our region. Here, new ideas can flourish and create ripples in the water, and we want to help facilitate this in Innovation South Greenland, says Miki Jensen, Director of Innovation South Greenland.
Important Application Details
The maximum grant per project is DKK 50,000. To apply, the company must either be in the start-up phase or already established. Applicants must be able to document a number of requirements and explain how their project will contribute to business development in South Greenland. Applications can be submitted four times a year, and the first deadline of the year is October 1st.
In order to receive funding, a thorough description of the project and documentation of the company’s ownership structure is required. If there are involved parties, these must also be disclosed. The application must also include an operating budget and a market analysis showing that the project is not in direct competition with existing offers.
Please note that you can only receive business promotion funds once per project. This means that you cannot apply to both Nalik Ventures and Innovation South Greenland for the same project.
Applications are processed within 30 days. Upon approval, 60% of the granted funds are paid out immediately, while the remaining 40% is paid out after submission of a report documenting the use of the funds.
Application Deadlines
Applications can be submitted four times a year with deadlines on January 1, April 1, June 1 and October 1. Funds are allocated from the start of the year, so it is recommended to apply early as funding cannot be guaranteed later in the year.
The application form can also be found below in Greenlandic and Danish. If you have any questions about the application process or the pool in general, you are welcome to contact us at [email protected]
We look forward to receiving applications and supporting exciting new initiatives in our region!