Idea Leap Grant FAQs
We've provided answers to some of the most frequently asked questions about the Idea Leap Grant program. Have a question you don't see answered here? Please refer to the full program rules. Please email additional questions to [email protected].
Q: What is the Idea Leap Grant?
A: Every year since 2018, TVFCU has hosted the Idea Leap Grant competition to help local small businesses grow and enhance their services, stimulate local economies and create fulfilling jobs within our service area. This grew from the Idea Leap Loan program which started in 2016 and has provided over $5 million to small businesses by utilizing flexible and non-tradtional underwriting criteria, an expedited approval process and other great features to connect entrepreneurs with funding when other financial institutions may reject their request. As a not-for-profit credit union, TVFCU is able to reinvest proceeds from Idea Leap Loans to fund Idea Leap Grants.
Q: Who should apply?
A: Small business owners within TVFCU’s 17-county service area who meet the eligibility criteria may apply.
- Entrants/business owners must be at least eighteen (18) years of age at the time of application
- Business must be currently active, lawful, and have all necessary and required licenses and registrations
- Business must be in operation and generating revenue for at least twelve (12) months prior to application
- Business must gross less than $2.5 million in revenue
- Business must be a for-profit entity; nonprofit organizations are not eligible
- Business must have between 2- 25 employees
Please access the full contest rules for additional information.
Q: Which of the three contests should I apply for?
A: Each small business may only apply for one of the three Idea Leap Grant competitions. Please apply for the primary area in which your business operates and provides most of your goods and/or services. All business members will access the same application regardless of region. For purposes of this competition, the regions are outlined as follows:
Ocoee Region: Bradley, Polk, McMinn and Meigs.
Chattanooga Region: Bledsoe, Grundy, Hamilton, Marion, Rhea and Sequatchie.
Northwest GA Region: Catoosa, Chattooga, Dade, Gordon, Murray, Walker and Whitfield.
Q: Do Idea Leap Grant funds have to be repaid? Is this a loan?
A: No, Idea Leap Grant funds do not have to be paid back. This program awards grants for $10,000, $15,000, and $30,000 to pitch compeition winners.
Q: Do I have to be a TVFCU member to apply? Will it help my odds of winning the grant competition?
A: No, you do not have to be a member of the credit union to apply for the Idea Leap Grant Program and being a member will not increase your chances of winning.
Q: I've applied for the grant program before, but did not make it to the final round. Can I apply again?
A: Absolutely! We encourage all past applicants who have not made it to the pitch competition round to reapply.
Q: How are the applications and pitch competitions judged?
A: The initial review of all applications takes place with an internal panel of TVFCU employees, followed by an external review of community volunteers. Volunteer judges continue to review businesses throughout each stage of the competition, and these community volunteers also serve as judges for the business pitch competitions.