The 'Local Heroes' scheme, which is being launched in partnership with SportAid, will see more than £1 million given to young athletes across Britain in the build up to the Games.

Lloyds TSB will donate up to £1,000 to 250 emerging young sportspeople in the run up to London 2012.

Sebastian Coe, the chairman of London 2012, said: “This initiative is exactly the kind of support British sport needs over the next five years.

"These young athletes are potential Olympic and Paralympic medal winners at London 2012 and beyond and the support ‘Lloyds TSB Local Heroes’ provides to them will make a real difference to their development.”

‘Lloyds TSB Local Heroes’ is the bank’s first initiative to deliver its London 2012 vision of inspiring and supporting young people, businesses, and communities across Britain.

The partnership with SportsAid aligns Lloyds TSB Local Heroes with the pathway for athlete development recognised by British sport.

Sally Hancock, director of the Lloyds TSB London 2012 Partnership, said: “The 2012 Games will take place in London, but it’s young people from all around the country who’ll carry Britain’s hopes for 2012 and beyond.

"Lloyds TSB Local Heroes is intended to recognise and support young people starting out on their journey with optimism and determination. ”

In addition to receiving financial support a number of the ‘Lloyds TSB Local Heroes’ will also feature in their own Lloyds TSB regional and local advertising campaign.

The bank hopes will help to raise their profile in their own communities, and to encourage local people and businesses to support them.

The bank will provide extra support by offering guidance on financial planning and money management, important in any athlete’s career.

Olympian and Lloyds TSB ambassador for London 2012 Jonathan Edwards said: “I distinctly remember the day when I received my first SportsAid grant.

"Not only was it a financial boost for me and my family, it was the first real recognition of my ability.  I genuinely felt I had arrived as an athlete.”

Paralympian and fellow Lloyds TSB ambassador for London 2012, Ade Adepitan, said: “I know how expensive equipment, travel and training can be when you’re coming up through the ranks.

"Each year 250 Olympic and Paralympic hopefuls across Britain are going to directly benefit from ‘Lloyds TSB Local Heroes’ at a time when they need it most - as they work towards competing at London 2012 and future Olympic Games.”

Tim Lawler, the chief executive of SportsAid, said: “Lloyds TSB’s partnership represents a step-change for SportsAid.

"It enables us to offer more money and more recognition to more athletes.

"We’re very pleased that Lloyds TSB is providing such practical and meaningful help for Britain’s young sporting champions.”