CHATTANOOGA, Tenn.–A brewery here has won the top prize in the “Idea Leap” contest sponsored by a credit union here.
The four-year-old Hutton & Smith Brewing Co. won $20,000 grant from Tennessee Valley FCU, which was participating in Chattanooga's StartupWeek.
Joel Krautstrunk, who started the brewery with his wife, Melanie, told local media the prize will fund the purchase of equipment to produce yeast on site, helping the brewery to cut costs, improve efficiency and try out more new brands.
"Right now, we're sending a minimum of $45,000 every year to third party companies that are growing our yeast," Krautstrunk said during his pitch for the grant funding. "By having our promulgation system, we'll realize an immediate savings, create two new skilled microbiology positions in our quality control department and allow us to be one of the most innovative breweries here in the Chattanooga, if not the entire state of Tennessee."
The expansion will allow the company to serve other local brewers and to expand into Alabama.
Other Prizes Awarded
The $20,000 grant was the biggest prize among more than $50,000 of checks distributed by TVFCU as part of its second annual Idea Leap grant awards.
The second place prize and a $15,000 grant went to Spectacles Family EyeCare in South Pittsburg, which Dr. Karen LeBlanc started two years ago to help Marion County residents gain better local access to eye care help and to revitalize an historic South Pittsburg building, the Chattanooga Times Free-Press.
The third place prize and $10,000 was awarded to Hank's Corner Grille in Tracy City, Tenn., which was started in 2017 by Doug and Kalene Hankins who are trying to add a hostel to their café, the publication reported.
The winners were selected from among more than 100 small businesses that entered this year's competition from TVFCU's 13-county field of membership.
Ideas Pitched
The 10 finalists who pitched their business ideas to several-hundred spectators at the Bessie Smith Hall and chosen by an eight-member judges panel, the Times Free-Press stated. The winning businesses were selected based upon community impact, innovation of their idea, the impact of their business growth, the sustainability of their business and the quality of the owners' pitches, the Times Free-Press stated.
TVFCU launched the Idea Leap program for small and start-up businesses during 2016’s Startup Week. The credit union provides loans for up to $50,000 to business owners who are recommended by one of the startup assistance or business accelerator programs in Chattanooga, including CoLab, Launch Chattanooga, the Tennessee Small Business Development Center, BrightBridge, SCORE, the Urban League and Causeway, the Times Free-Press said.
The report added that over the past three years, TVFCU has made 115 Idea Leap loans totaling more than $2.5 million.
"The common thread to all of these small businesses is that they are job creators and that is what our credit union is all about helping," TVFCU President Todd Fortner told the Times Free Press.