Maintaining a business, let alone starting one, is no easy task. While finances are a major part of it, a local credit union is looking to ease that burden with a grant.
The Tennessee Valley Federal Credit Union is giving local small businesses in Chattanooga, Ocoee, and North Georgia a chance to win $50,000 through its Idea Leap Grant.
This is a competitive funding program that provides entrepreneurs with funding for whatever they believe will take their businesses to the next level without any spending restrictions.
The credit union’s Vice President of Marketing, Kim Gunter, explains that to be eligible for the Shark Tank-style contest, a business must have between two and 25 employees, generate less than $2.5 million in annual revenue, and have been operating and earning revenue for more than a year.
“There is not a specific purpose. You tell us what you need the money for,” Gunter says, emphasizing that the competition is designed to support entrepreneurs making a difference in their communities.
TVFCU continues to accept applications with just one week left before the October 26th deadline. All entries must be submitted by 5pm that evening.
Applicants are encouraged to share their passion, explain why their businesses matter, and highlight their community connections which includes five essay questions.
When asked what can make a business stand out in the application process, Gunter says “What our judges are looking for, is the passion you have as an entrepreneur… What does your business do and why does it matter?”
Gunter encourages business owners not to wait until the last minute to apply and urges community members to spread the word to their favorite local restaurants, salons, shops, and other small businesses that could benefit from the opportunity.
You can submit your application here.
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