CHATTANOOGA, Tenn. (May 2018) — Tennessee Valley Federal Credit Union understands that it takes a lot of grit, determination and, well, let’s face it, money to grow small businesses. That’s why the member-owned credit union has decided to make it a little easier for five area small businesses by giving away $50,000 through the newly created Idea Leap Grant Initiative.
The 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.
“Since its inception 18 months ago, we have awarded nearly $1 million in Idea Leap Loans to area emerging businesses,” said Tommy Nix, vice president of business and commercial services at TVFCU. “We are honored to reinvest Idea Leap Loan proceeds back into the community in the form of the Idea Leap Grant Initiative.”
Businesses in TVFCU’s 13-county service area that have been in operation for at least one year and have fewer than 21 employees are eligible to apply for their chance at winning one of five grants valued at (1) $20,000, (1) $15,000, (1) $10,000 and (2) $2,500. Full rules and the application are available at tvfcu.com.
“We want to continue to help area’s small businesses to do well,” said Nix. “After all, we believe that a rising tide lifts all boats. When small businesses succeed, the entire community thrives”
The application process is open until Friday, June 15, and winners will be announced during Startup Week Chattanooga.
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 135,000 members who live, work, worship, volunteer or attend school throughout the 13-county service community. With more than $1.3 billion in assets and 17 branches throughout the area, TVFCU is the largest credit union in the region. For more information about TVFCU, please visit tvfcu.com.