CHATTANOOGA, Tenn.–As part of a program that has led to $6 million in loans since it was launched, Tennessee Valley Federal Credit Union is inviting the community to choose one People’s Choice finalist in several regions to win Idea Leap Grant as part of its annual program that awards funds to entrepreneurs within the credit union’s 17 county service area.
According to TVFCU, the People’s Choice Finalist in each area will participate in one of the upcoming pitch competitions in which TVFCU is giving away $75,000 in the Chattanooga, Northwest Georgia, and Ocoee Regions. The remaining finalists who will compete in each pitch night will be selected by volunteer panels of community judges in each area based on recent site visits, it added.
31 Semifinalists
“We’re thrilled to celebrate the 31 semifinalists and share in the excitement leading up to the finalist announcement and competitions,” Tommy Nix, vice president of business and commercial services, said in a statement. “With $225,000 in funding available for selected small business owners across our 17-county service area, we want the community to be part of the journey. That’s why we’ve introduced People’s Choice Voting—giving everyone a voice in deciding which entrepreneurs receive this valuable support.”
TVFCU said semifinalists across all three regions are competing for 15 grants totaling $225,000. At each regional competition, grants ranging from $10,000 to $30,000 will be awarded – first place will receive $30,000, second place wins $15,000, and three runners-up will receive $10,000 each.
How to Vote
Voting opens on March 31 at 8:00 a.m. and closes on April 4 at 5 p.m. To vote, community members can go to tvfcu.com/vote and select a regional competition. Then, watch the semifinalists’ videos showcasing their business and vote. Each person may only vote once in each competition, TVFCU said.
This year, pitch competitions for the Northwest Georgia and Ocoee regions will premiere on Local 3 News. Viewers can tune in on May 5 to watch the Northwest Georgia competition and on May 6 for the Ocoee competition, both airing from 11 a.m. to 12 p.m.
On the evening of May 8, TVFCU will host an in-person pitch competition in Chattanooga, open to the public. All Idea Leap Finalists will present their businesses to a panel of local judges and compete for grants ranging from $10,000 to $30,000, the credit union said.
$6 Million in Loans
It added that the Idea Leap Grant, which started in 2018, is an extension of TVFCU’s Idea Leap Loan Initiative that was created specifically for small businesses in 2016. To date, TVFCU has funded approximately $6 million in loans to emerging and early-stage businesses through the loan initiative and has awarded over $720,000 in Idea Leap grants and related scholarships.
