TVFCU announces 23 quarterfinalists in its fifth annual “Idea Leap Grant” competition
According to an article in The Chattanoogan, the Tennessee Valley Federal Credit Union (TVFCU) has selected 23 quarterfinalists to move forward in the credit union’s fifth annual “Idea Leap Grant” competition.
The entrepreneurs, all hoping to earn funds for their emerging small businesses, have a chance of winning as much as $50,000 if they are selected for the grand prize. Another $50,000 will be distributed to four other entrepreneurs who are finalists.
“We received nearly 150 applications from a wide variety of small businesses throughout Southeast Tennessee and North Georgia,” said Tommy Nix, TVFCU Vice President of Business and Commercial Services.
The next step in the process is for the quarterfinalists to submit a five-minute video detailing their business and explaining how they would use the grant funding to improve the enterprise while also benefitting the community. An independent panel of volunteer judges from local nonprofits and businesses will review the videos, and TVFCU will announce 10 semifinalists in August. The winners will be announced during TVFCU’s “Idea Leap Grant Pitch Night” during “Startup Chattanooga Week” in October.