CHATTANOOGA, Tenn.–Ten finalists have been selected for Idea Leap grants sponsored and provided by Tennessee Valley FCU. The finalists include companies in the food, fashion, vision and hospitality industries.
TVFCU created the Leap Loan Initiative three years ago and has used the proceeds from those loans to add the Idea Leap grants in 2018.
The finalists will now pitch their business ideas during Startup Week in Chattanooga. TVFCU's Pitch Night, which is open to the public, is scheduled for 6 p.m. on Oct. 22 at the Bessie Smith Cultural Center.
“This program started as a way to reinvest Idea Leap Loan proceeds back into the community," Tommy Nix, vice president of business and commercial services, told the Times Free Press. "It is a grant — an award from the credit union to five area small businesses to help fulfill their next dream whether that is providing a new service or expanding their brick and mortar storefront."
Businesses in TVFCU's 13-county service area that have been in operation for at least one year and have fewer than 20 employees were eligible to apply for their chance at winning one of five grants to be awarded in October, including a $20,000 first place prize, a $15,000 second-place prize, a $10,000 third-place prize and two $2,500 fourth place prizes, the Times Free Press added.