A component is disclosed. The component includes a substrate comprising an outer surface and an inner surface. The inner surface defines at least one hollow, interior space, and the outer surface defines one or more grooves that extend at least partially along the outer substrate surface and have a respective base. One or more access holes are formed through the base of a respective groove, to connect the groove in fluid communication with the respective hollow interior space. The component further includes a coating comprising one or more layers disposed over at least a portion of the outer substrate surface. The groove(s) and the coating together define one or more channels for cooling the component. One or more trenches are formed through one or more coating layers and at least partially define at least one exit region for the cooling channel(s). A method of fabricating a component is also provided.