News

TVFCU Announces 23 Quarterfinalists in $100,000 Idea Leap Grant Competition

July 8, 2022

CHATTANOOGA, Tenn. (July 8, 2022) — Tennessee Valley Federal Credit Union (TVFCU) is excited to announce that 23 quarterfinalists will move forward in the credit union’s Fifth Annual Idea Leap Grant competition. These entrepreneurs, all hoping to earn funds for their emerging small businesses, have a chance of winning one of this year’s grants – grand prize: $50,000, first place: $20,000, and three runners-up: $10,000.

“We received nearly 150 applications from a wide variety of small businesses throughout Southeast Tennessee and North Georgia,” said Tommy Nix, vice president of business and commercial services. “On behalf of the selection committee and the entire credit union, I’d like to congratulate our 23 quarterfinalists on this achievement. I’d also like to express our sincere appreciation to everyone who applied – there were many excellent submissions, so selecting only 23 to advance was a challenge.”

Next, quarterfinalists will submit a five-minute video detailing their business and explaining how they would use the grant funding to improve their business and benefit their community. An independent panel of volunteer judges from local nonprofits and businesses will review the videos, and TVFCU will announce ten semifinalists in August.

From there, TVFCU will publish the semifinalists’ videos and ask for the community’s help in naming one of the top five finalists through the People’s Choice Award voting campaign. Judges will select the other four finalists, and these five business owners will pitch their grant request during TVFCU’s Idea Leap Grant Pitch Night as part of CO.LAB’s startup week in October.

TVFCU’s Idea Leap Grant is an extension of the credit union’s Idea Leap Loan initiative that was created in 2016 to support early-stage small businesses. To date, TVFCU has funded more than $4.2 million in loans to over 175 entrepreneurs through this program. Additionally, TVFCU has awarded nearly $200,000 in Idea Leap Grants to dozens of local businesses since 2018. Some past winners include The Hot Chocolatier, Hutton & Smith Brewing Company, Chatt Taste Food Tours, Locals Only Gifts & Goods and Mad Priest Coffee Roasters.

For more information about the Idea Leap Grant, please visit tvfcu.com/IdeaLeapGrant.

 

 

About Tennessee Valley Federal Credit Union

Tennessee Valley Federal Credit Union (TVFCU), a not-for-profit financial cooperative, was established in 1936 when 57 Chattanooga TVA employees pooled $500 to create the member-owned credit union. Today, TVFCU serves more than 170,000 members who live, work, worship, volunteer or attend school throughout the 17-county service community. With more than $2.4 billion in assets and 23 branches throughout the area, TVFCU is the largest credit union in the region. In 2021, Forbes named TVFCU Best-In-State Credit Union and awarded TVFCU the highest score of all credit unions in the nation. For more information about TVFCU, please visit tvfcu.com.

 

About TVFCU’s Idea Leap Grant

The Idea Leap Grant Initiative is an extension of TVFCU’s Idea Leap Loan Initiative that was created in October 2016. The Idea Leap Loan fills a void in the community for loans up to $50,000 to emerging businesses. Through the Idea Leap Grant Initiative, TVFCU has awarded nearly $200,000 in grants to area small businesses.