THE hunt is under way for the entrepreneurs of the future.

The Lloyds TSB Enterprise Awards programme is seeking out emerging entrepreneurial talent from the UK’sŠ university students and graduates.

The winner will receive a £50,000 cash injection and business mentoring.

The bank has joined forces with the National Consortium of University Entrepreneurs to search for the best small businesses run by the nation’s students and graduates.Š

There are currently more than 55,000 businesses being run by current or recent graduates.

The search will take place across England and Wales with two awards – Best Enterprise and Best Start Up.

Nominations will open in November 2011. A series of regional heats will then be held – with winners of both awards in each heat to be announced in February, 2012.

The regional winners will then move forward into a national final in March 2012, where they will compete for national titles.Š

John Robson, regional director for Lloyds TSB Commercial in the Midlands and North, said: “As small businesses play such a vital role in the region’s economy, we know how important it is to support these enterprises and the people who run them.

“Universities are a major source of the next generation of business talent, and through their innovation and creativity these budding entrepreneurs can help the UK continue to prosper in a highly competitive world.

“We are launching these awards to celebrate their successes and hopefully inspire others.”