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Tourism loan to strengthen business and the experience economy

GrønlandsBANKEN launches a new tourism loan with 0% interest in the first year — designed to support local growth, quality and sustainable development.

With its newly introduced tourism loan, GrønlandsBANKEN offers highly attractive terms for companies looking to start, expand or professionalise their tourism activities — from small entrepreneurs to established operators.

According to Søren Stenberg, the bank’s Director of Business Banking, the initiative aims to give momentum to those with strong ideas but limited access to capital — whether at the start-up stage or when scaling existing operations.

“We see significant potential in the tourism sector, but also clear bottlenecks. There is a shortage of experience providers, guides, accommodation options and local initiatives. This loan is meant to give both new and smaller companies the financial push they need to take the leap,” says Søren Stenberg.

Søren Stenberg, Director of Business at GrønlandsBANKEN, in the center of Nuuk. The bank is launching a new tourism loan aimed at strengthening local initiatives and developing the experience economy across Greenland.

0% interest in the first year

The new loan stands out markedly from the bank’s existing business financing. The interest rate is 0% in the first year and gradually increases to 4% over the loan period. Repayment terms extend up to five years, and the loan can cover up to 20% of the total investment — capped at DKK 1 million.

In addition to financing, borrowers receive guidance in sustainable business development.

“We provide strategic advice within ESG and sustainability because tourism growth only makes sense if nature and local communities can keep up. Our advisers are certified in sustainable business development, and we collaborate with partners such as Nalik Ventures and the Vestnorden Fund to ensure that customers get the best possible start,” says Søren Stenberg.

How companies qualify

To be considered for the loan, businesses must document a realistic business plan, a sustainability profile and compliance with Greenlandic tourism legislation.

“It’s about enabling growth in a professional and responsible way. We want to help local operators become stronger — and ensure that the experiences offered in Greenland reflect quality,” he emphasises.

Stenberg encourages all interested businesses to reach out early:

“We do have requirements, but we are just as focused on helping applicants succeed. If you have a good idea, don’t let the lack of a polished business plan stop you,” he says.

“Contact us sooner rather than later. We’re ready to help structure the idea, assess the potential and identify what it takes to make it sustainable and financially viable.”

Visit Greenland: A promising initiative

The initiative is welcomed with interest by Anne Nivíka Grødem, CEO of Visit Greenland.

“It’s a new, but very interesting and positive initiative. A targeted loan like this could become an important catalyst for turning growth into tangible value within the tourism sector. It gives local operators the opportunity to improve quality, create jobs and raise the overall experience level across destinations,” she says.

She also sees potential for digitalisation and sustainability.

“Easier access to capital can help smaller operators enter the digital platforms where guests search and book experiences. I also hope it can support certifications that build trust with international partners,” she says.

From Visit Greenland’s perspective, the initiative is about more than economic growth alone.

“We need tourism to reach beyond the major towns. I hope this loan can stimulate activity in smaller communities, create more year-round jobs and strengthen the overall value tourism contributes to Greenland.”

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