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Vágur Municipality turns to crowdfunding to refinance existing loans

The Municipal Council of Vágur is seeking funding through FlexFunding.fo, a Faroese offshoot from Danish crowdfunding platform Flex Funding. The 1,400 population municipality is looking to secure a total of 46 million DKK at a yearly interest rate of 0.45 percent, according to news reports. This is not the first time Vágur has turned to crowdfunding to refinance existing credit...