The Tennessee Valley Federal Credit Union is currently seeking applications for the 5th Annual Idea leap Grant.
Donor Name: Tennessee Valley Federal Credit Union
States: Tennessee & Georgia
County: Selected Counties
Type of Grant: Grant
Size of the Grant: $20,000
There will be five (5) Winners: one (1) Grand Prize will receive a U.S. $50,000.00 Grant; one (1) First Prize will receive a U.S. $20,000.00 Grant; three (3) runner up will receive a U.S. $10,000.00 Grant; Winners will be required to meet with a Technical Assistance provider at least once to qualify. Technical Assistance providers are; BrightBridge, The Company Lab, Launch Chattanooga, Tennessee Small Business Development Center (Chattanooga or Cleveland), SCORE, The Urban League, and UTC’s Veteran Entrepreneurship Program.
The 2022 Contest eligible participants are all Small Businesses in operation in the TVFCU 13 County Service area. Eligible participants must continue to meet the following criteria: The Contest is only open to legal residents/business enterprises of the TVFCU’s13-county community who at the time of entry are independent owners/operators of a for-profit small business that is domiciled in TVFCU’s13-county community and which has been in continuous operation selling a product or service for not less than twelve (12) months at the time of application. In order to be considered an eligible “small business” for purposes of this Contest, the business must meet all of the following criteria:
- Entrant/owner must be at least eighteen (18) years of age at the time of submission;
- The business must be currently active, lawful, and have all necessary and required licenses and registrations;
- The entrant/owner must be an authorized agent of the registered business;
- The business must be in good standing with the Tennessee/Georgia Secretary of State or the County Clerk’s office in their home county, as of the date of Submission and must remain so through the end of the Contest;
- The business must have a minimum of 2 (including the owner) and a maximum of 25 employees on its payroll (other employee may be seasonal, part-time, 1099, W-2, or a co-owner. Employee for the definition of maximum employee is defined as full-time equivalent);
- Must meet TVFCU Business Services membership criteria;
- Not in any way be affiliated with a direct seller business;
- Not under bankruptcy protection or have judicial liens or attachments;
- Annual revenue does not exceed two million five hundred thousand dollars ($2.5 million);
- Entrant/owner must not be on the OFAC list, individuals with prior felony convictions may be eligible. The TVFCU Grant Advisory committee or its’ designee will determine the eligibility of any applicant with a felony conviction
Prior Winners 2018, 2019, 2020, and 2021 Idea Leap Grant winners (top 5 prize recipients for 2018, 2019, 2021, and top 3 for 2020) are excluded from participating.
For more information, visit 5th Annual Idea leap Grant.