Tennessee Valley Federal Credit Union is now accepting applications for their fourth annual Idea Leap Grant to celebrate Small Business Week (May 2-8). In the past, TVFCU has given away $125K+ to small businesses across Tennessee Valley’s 13 counties.

This year’s 5 winners will be announced in October, each receiving $5,000-$21,000. Want to be one of them? Applications are due by 5 p.m. ET on June 4 — see eligibility requirements here.

2021 Idea Leap Grant timeline | Image via TVFCU

To get you inspired, we’d like you to meet 2 previous recipients of the Idea Leap Grant: Chatta-Cakes Bakery + Locals Only Gifts & Goods.

Q+ A with Locals Only Gifts & Goods (10 Frazier Ave.)

Q: How would you describe your business?
A: We only sell items from local Tennessee businesses and artists. We specialize in artisan crafted goods that are made right here in Chattanooga.

Q: What was the Idea Leap Grant application process like?
A: It involved submitting an application form + a video where we spoke about what we would do with the grant funds. We also featured a few of our favorite local Chattanooga makers.

Q: How has the grant helped your business?
A: We used the grant money to hire a marketing specialist, which has increased our sales. More sales means that we can put more money back into the local economy.

Q: What advice do you have for 2021 applicants?
A: Paint a picture so that the judges really understand what your business is about and how it affects the local community + economy.

Q: What do you want NOOGAtoday readers to know about Locals Only?
A: Shopping locally with us means that you are supporting the real people + families that are creating these products on our shelves.

Q+A with Chatta-Cakes Bakery (5143 Hixson Pike)

Q: Can you tell us a bit about your business?
A: We are a small, hand-crafted bakery open for more than 7 years — we bake specialty cakes in small batches.

Q: How has the Idea Leap Grant helped you?
A: Since receiving the grant, our sales are up 35%. We were also able to purchase several pieces of equipment far ahead of our 3-5 year business plan.

Q: What advice do you have for 2021 Leap Grant applicants?
A: Talk your business up, and let TVFCU know how the grant money will be used to help make your business more profitable.

Q: What would you like NOOGAtoday readers to know about Chatta-Cakes?
A: With the changes that we continue to make, we are working on starting up our ecommerce options in the near future. We also offer cakes for walk-ins + other dessert boxes for grab and go options.

Chatta-Cakes Bakery received the Idea Leap Grant in 2020 | Photo provided by TVFCU

TVFCU will be hosting a virtual workshop with more info about how to apply (which will be recorded and available to view later). If you or someone you know owns a small business, encourage them to consult with a member of the business services team and apply for the Idea Leap Grant.

Official rules, how to enter + contest timeline can be found here. Ⓟ