Grants for supporting Small Businesses in Georgia and Tennessee

The Tennessee Valley Federal Credit Union is accepting applications for its Idea Leap Grant Competitions in Chattanooga, Cleveland and Dalton areas.

Donor Name: Tennessee Valley Federal Credit Union

State: Tennessee and Georgia

County: Selected Counties

Type of Grant: Competition

Deadline: 12/16/2022

Size of the Grant: $175,000

Details:

The Idea Leap Grant competition to help local small businesses grow and enhance their services, stimulate the local economy and create fulfilling jobs within the service areas

Funding Information

Small business owners should apply in the primary area in which their business operates and provides most of its goods and/or services.

Chattanooga Area:
- TVFCU will award $75,000 in grants as follows:
  - First Place – $30,000
  - Second Place – $15,000
  - Three Runners Up – $10,000 Each
Cleveland Area:
- TVFCU will award $50,000 in grants as follows:
  - First Place – $25,000
  - Second Place – $15,000
  - Third Place – $10,000
Dalton Area:
- TVFCU will award $50,000 in grants as follows:
  - First Place – $25,000
  - Second Place – $15,000
  - Third Place – $10,000

Eligibility Criteria

Small business owners within TVFCU’s 17-county service area may apply. Entrants must be 18 years of age or older, the business must have between 2 and 25 employees (including the owner, seasonal and part-time employees, contract workers, etc.) and annual revenue must be under $2.5 million.
Eligible participants must continue to meet the following criteria:
- The Contest is only open to legal residents/business enterprises of the TVFCU’s 17-county community who at the time of entry are independent owners/operators of a for-profit small business that is domiciled in TVFCU’s 17-county community and who have 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 employees (including the owner) and a maximum of 25 employees on its payroll (other employees may be seasonal, part-time, 1099, W-2, or a co-owner. Employee for the definition of maximum employment is defined as full-time equivalent).
  - Must meet TVFCU Business Services membership criteria.
  - Not in any way be affiliated with a direct selling 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).
  - The 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.