TVFCU Opens Applications for $225,000 Idea Leap Grant Contest
October 4, 2024
CHATTANOOGA, Tenn. (Oct. 4, 2024) — Tennessee Valley Federal Credit Union (TVFCU) has opened applications for its Eighth Annual Idea Leap Grant competition. The credit union will award a total of $225,000 in grants to small business owners across its 17-county service area. This year, TVFCU will host separate competitions in the Chattanooga, Ocoee, and Northwest Georgia regions, awarding grants ranging from $10,000 to $30,000 to local entrepreneurs.
“Our Idea Leap Grant program continues to significantly impact small businesses in our region,” said Tommy Nix, vice president of business and commercial services. “With more than $700,000 awarded in grants and scholarships since 2018, we are excited to elevate that impact this year by investing $225,000 to support local entrepreneurs across TVFCU’s service area.”
Applications are open online until 5 p.m. EST on Nov. 4, 2024. All submissions will be reviewed by independent panels of community volunteers in each region.
TVFCU will announce quarterfinalists for each competition on Dec. 9, 2024. Semifinalists will be selected in February based on video submissions and site visits. The community will vote to select one finalist in each contest via People’s Choice Voting, while other finalists will be chosen by their respective panel of judges.
During National Small Business Week, May 4 – 10, 2025, TVFCU will host pitch nights for each region, where the finalists will present their businesses and plans for growth to judges and the general public. For the first time, pitch competitions in the Ocoee and Northwest Georgia regions will be televised in partnership with Local 3 News. At each of these pitch competitions, the First Place prize will be $30,000, the Second Place prize $15,000 and three Runners-Up will each receive $10,000.
Each small business may only apply to one of the three competitions and must apply in the region where their business primarily operates. To be eligible, businesses must have 2 to 25 employees, including the owner, annual revenue of no more than $2.5 million, have been operating and generating revenue for at least 12 months, and be based within TVFCU’s 17-county service area.
“As a not-for-profit financial cooperative, TVFCU is deeply committed to reinvesting in the communities we serve,” said Todd Fortner, president and CEO. “The Idea Leap Grant, supported by proceeds from our Idea Leap Loans, enables us to empower local entrepreneurs, strengthen the regional economy, and create opportunities for small businesses to thrive. We’re proud to support innovative businesses that are not only driving job creation but also bringing fresh ideas and services to our community.”
The Idea Leap Grant, which began in 2018, is an extension of TVFCU’s Idea Leap Loan Initiative, launched in 2016 to assist small businesses. To date, TVFCU has funded more than $7 million in loans to emerging and early-stage businesses through this initiative.
Visit tvfcu.com/IdeaLeapGrant for eligibility details, rules, frequently asked questions, and the application. Submit your application from now until 5 p.m. EST on Nov. 4, 2024.
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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 167,000 members who live, work, worship, volunteer or attend school throughout the 17-county service community. With more than $2.7 billion in assets and 25 branches throughout the area, TVFCU is the largest credit union in Southeast Tennessee. 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 $75,000 to emerging businesses. Through the Idea Leap Grant Initiative, TVFCU is reinvesting Idea Leap Loan proceeds back into the community.