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What is Small Business Month?


What is Small Business Month? 

Small Business Month is a yearly celebration that honors the important role of small businesses in economies worldwide. This year, it runs from late April through May, coinciding with our week of events for our 7th annual Idea Leap Grant. Here at TVFCU, we deeply value small businesses and strive to best serve them not only just in this month, but year round. While our Idea Leap Grant awards $225,000 to multiple small businesses once a year during small business week, our Idea Leap Loans are available to small, early-stage businesses all year round. We recognize the hard work, creativity, and innovation of entrepreneurs who start small but dream big. Small Business Month highlights the contributions of small businesses to local communities and global markets, from family-owned shops to new tech companies. It's not just about business; it's about resilience, creativity, and the people behind each small business. As we celebrate Small Business Month, join us in not only applauding their achievements but also in pledging to support them as they navigate an ever-changing business landscape.

Tips for small businesses

Running a small business can be exciting but also challenging. To succeed in today's competitive environment, it's important to keep a few key things in mind. Firstly, create a solid business plan outlining your goals, target customers, and financial expectations. This plan will help you stay on track and focused. Secondly, prioritize customer satisfaction by offering great products or services and excellent customer service. Happy customers are more likely to come back and recommend you to others. Thirdly, keep a close eye on your finances. Keep detailed records of your income and expenses, regularly review your financial statements, and set money aside for taxes and emergencies. It's also helpful to seek advice from professionals like accountants or financial advisors. Lastly, aim to use technology to streamline processes, reach more customers, and stay competitive. By following these tips, you can set your small business up for success and tackle challenges confidently.

Alongside these foundational tips, small businesses should also explore opportunities for financial support to facilitate the growth process. The Idea Leap Loan offered by TVFCU to businesses within our 17-county service area is a great opportunity to pursue. This loan provides a chance for early-stage businesses to receive flexible financing, great rates, and more all tailored to your business’s needs.

What is the Idea Leap Grant and Idea Leap Loan?

TVFCU is in its seventh year hosting its very own Idea Leap Grant competitions; recently we hosted three distinct pitch competition nights across our service areas in Chattanooga, Ocoee, and Northwest Georgia. Each event showcased five businesses competing for funding aimed at accelerating their growth. This year, we gave another $225,000 in grants to our small businesses. The Idea Leap Loan is open for any small business within our 17-county service area to apply for and receive upon approval at a range of $2,500 to $75,000. We’ve had the pleasure of reinvesting hundreds of thousands of dollars back into the community through helping small businesses through loans and grants. Please check out this page to learn more about our 2024 Idea Leap Grant and check out this page for more information on the Idea Leap Loan.

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