Deadline Approaches for Chattanooga’s Idea Leap Grant Competition Offering $225,000 in Funding for Small Businesses

Attention Chattanooga Small Business Owners!

If you’ve got a bright idea and a small business that could use a little boost, then listen up! Time is running out to apply for the eighth annual Idea Leap Grant competition, organized by the Tennessee Valley Federal Credit Union (TVFCU). With grants totaling a whopping $225,000 up for grabs, this year’s competition is set to help local entrepreneurs across the 17-county service area.

What You Need to Know!

Mark your calendars! Applications close at 5 p.m. EST on Monday, Nov. 4, 2024. Yes, that’s right—today! If you’re a small-business owner, make sure your application is submitted before the deadline to take advantage of this exciting opportunity. This year’s event is a bit different, with separate competitions being held in the Chattanooga, Ocoee, and Northwest Georgia regions.

Grants for successful applicants will range from $10,000 to $30,000, offering the perfect financial lift to get your business soaring!

How Does It Work?

Once applications close, a panel of independent community volunteers will review all submissions. If you make the cut, quarterfinalists will be announced on Dec. 9, 2024. From there, semifinals will be narrowed down in February, as contestants will be asked to submit video pitches and welcome site visits. Excitement is building because the community gets to weigh in too! Through People’s Choice Voting, local residents will help decide on finalists in each competition.

Pitch Perfect!

Finalists won’t just sit back and relax; they’ll be taking the stage during National Small Business Week, happening from May 4-10, 2025. At this thrilling event, the finalists will pitch their business plans to judges and the public. For the first time, pitch competitions in the Ocoee and Northwest Georgia regions will be aired on television, thanks to a partnership with Local 3 News. How exciting is that?

As for the prize money, here’s what you can expect: The first-place winner will snag $30,000, while the second-place winner will take home $15,000. There’ll also be three runners-up who will each receive $10,000. And for the Chattanooga contestants, their winner will be announced live on the evening news! Now, that’s what we call glamour!

Eligibility Matters!

Before you rush to complete your application, let’s make sure you check a few boxes. To be eligible, your business must:

• Employ between two to 25 employees (this includes you!)
• Have an annual revenue of no more than $2.5 million
• Have been operational and generating revenue for at least 12 months
• Be based within TVFCU’s 17-county service area

A Commitment to Your Success!

The Idea Leap Grant isn’t just a contest; it reflects TVFCU’s commitment to the growth of local businesses. As Todd Fortner, the president and CEO of TVFCU, puts it, “The Idea Leap Grant empowers local entrepreneurs, strengthens the regional economy, and helps small businesses thrive.”

Since its inception in 2018, this initiative has funded more than $7 million in loans to emerging businesses. So, if you’re looking to make your entrepreneurial dreams a reality, don’t miss out on your chance!

Final Call!

Ready to leap into action? Visit tvfcu.com/IdeaLeapGrant for eligibility criteria, detailed rules, and to submit your application before it’s too late! Remember, the clock is ticking, and your opportunity to shine is just a submission away!