A £15 million hunt for the best entrepreneurs in the West Midlands has been launched.

Bank of Scotland Corporate has put up the money as a prize in its annual Entrepreneur Challenge.

It is open to a diverse range of businesses in seven regions who could receive a funding package of up to £5 million, free of interest and arrangement fees for a period of three years.

The judging panel will be looking for a business which shows a clear growth strategy, has entrepreneurial flair and is doing things differently within its own sector.

And, in a separate move, the Search for Property Entrepreneurs is focused solely on the property sector and gives individuals the chance to secure a £10 million interest-free funding package for three years.

Damian McGann, the head of commercial for Bank of Scotland, said: "We want to nurture a vibrant culture of enterprise across the region and we hope our initiatives will make the difference in taking our winners' businesses to the next level."

And Gary Middleton, the head of real estate for the bank, added: "Entrepreneurs are a vital part of our economy and it's important that they are offered the support they require to develop their ideas. We are looking forward to meeting some fantastic local property entrepreneurs and helping them turn their business plans into reality.

For each competition, five finalists will be selected who will present to a judging panel.

The winner will not only receive the funding, but will also go forward to a national final where the overall winner will receive mentoring from a top business person in their sector.