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TVFCU Idea Leap Grant
Tennessee Valley Federal Credit Union
ABOUT THE GRANT
The TVFCU Idea Leap Grant is an annual pitch competition that awards a total of $300,000 in no-strings grant funding to 15 small businesses across three regional competitions, with $100,000 in prizes distributed within each region. Administered by Tennessee Valley Federal Credit Union (TVFCU) and now in its 10th annual competition, the program is funded through proceeds from TVFCU's Idea Leap Loans program and was created to reinvest those proceeds directly into local small businesses. Since launching in 2018, the program has supported nearly 90 businesses with roughly $1.2 million in total grants and scholarships.
Within each of the three competing regions (the Chattanooga Region, the Ocoee Region, and the Northwest Georgia Region), the top winner receives a $50,000 grand prize, one winner receives $20,000, and three winners receive $10,000. Winners also receive prize packages that may include media packages, consulting services, and additional promotional support from regional chambers of commerce and media partners. Applicants must apply to only one of the three regional competitions based on the primary area where their business operates. The competition process runs across roughly seven months, beginning with an online application in the fall and progressing through several selection rounds: quarterfinalists submit a video and logo for judge review, semifinalists receive on-site business visits and are featured in promotional videos (which air on Local 3 for the Northwest Georgia and Ocoee competitions), finalists are selected by the judging panel with one additional People's Choice finalist selected by public vote, and finalists then receive professional pitch coaching before presenting live at regional pitch competitions in the spring. Applications are reviewed initially by an internal panel of TVFCU employees and then by external community volunteers, who serve as judges through each round including the final pitch competitions.
To qualify, applicants must operate a business physically located within TVFCU's 17-county service area, which includes six counties in the Chattanooga Region (Bledsoe, Grundy, Hamilton, Marion, Rhea, and Sequatchie), four counties in the Ocoee Region (Bradley, Polk, McMinn, and Meigs), and seven counties in the Northwest Georgia Region (Catoosa, Chattooga, Dade, Gordon, Murray, Walker, and Whitfield). Applicants must be at least 18 years old, operate an active and lawful for-profit business with all necessary licenses and registrations, have been in operation and generating revenue for at least 12 months, gross less than $2.5 million in revenue, and have between 2 and 25 employees. Nonprofit organizations are not eligible. Applicants do not need to be TVFCU members to apply, but finalists selected to receive grant funding must open a TVFCU account to receive their winnings. Past applicants who have not made it to the pitch competition round are encouraged to reapply.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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