Sporting superstars of tomorrow - including a 14-year-old Solihull boxer who is already a world champion - are celebrating after learning they have been awarded funding which will set them on the road to the 2012 Olympics.

In all, 22 West Midlands athletes including boxing sensation Joe Costello and Walsall waterpolo star Daniel Taylor were in the city yesterday to learn about a new initiative sponsored by bank Lloyds TSB.

The scheme aims to make £1 million available to "local heroes" across the UK who have shown great promise in their chosen sport but who would not otherwise get funding.

The West Midland youngsters, who will now receive £1,000 each for five years, were met by Birmingham triple jump star Ashia Hansen who revealed her own career had only got off the ground with the help of a grant.

Each of the young sports stars, including 14-year-old wheelchair basketball star Fran Ray from Perton, Wolverhampton and 100m and 200m sprinter Jonathan Kay from Birmingham, will now receive the cash towards their training as they strive towards the ultimate goal - the London Olympics in four years time.

Costello said the money he would receive would enable him to travel to competitions with his eye on defending his current European Championship belt in Russia next year.

The 14-year-old from Chelmsley Wood first started boxing at just four years of age and had his first fight at the age of 11.

He said: "My dream is to follow my friend and mentor Commonwealth Gold medallist Frankie Gavin who is bidding for an Olympic boxing gold this year in Bejing.

"I want to win an Olympic medal before turning professional and then I want to go for a WBC (World Boxing Council) title.

"I have already fought two fighters who were older than me and fear no one."

Costello was the youngest ever British boxer to win the European crown and lists major names in the sport including Joe Calzaghe and Ricky Hatton among his friends.

He added: "I believe I am making history in the sport for my age but want to go all the way to the 2012 games. I am not going to take part but to win outright."

Wheelchair basketball player Ray, who plays for the Wolverhampton Rhinos, said the money she would received would help pay for her transport to matches and overnight stays when competing.

She said: "My aim ts to get in the national women's wheelchair team and ultimately help them win gold at the 2012 Olympics. At the moment I have to rely on my parents to ferry me around and pay for my travel and this money will be a real boost."

Taylor, 16 from Walsall gave up swimming to pay water polo.

He said: "I am now a member of the youth squad for GB waterpolo and train with the Grantham academy as well as Walsall. To represent my country at the Olympics would be the opportunity of a lifetime and this funding is a big help."

Hansen, said: "It used to be so hard to get funding and so schemes like this are very important.

"If athletes can get help with travel, equipment - even a new pair of trainers or running spikes it can make such a difference to them."

Lloyds TSB is an official partner of the London 2012 Olympic and Paralympic Games.