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 facilities. Three years ago, the Council did the same thing, possibly as the first municipality anywhere ever to do so. Funding sourced from a combination of local individuals, business investors and local community bank Suðuroyar Sparikassi was secured in a matter of two weeks.
“Crowdfunding gives citizens the opportunity to support their local community and the same time make some gain,” said Bjarni Johansen, the mayor of Vágur.
The new crowdfunding effort kicked off on Friday January 14th and is organized according to a ‘first come, first serve’ principle.