Entrepreneurs who have overcome large obstacles to start their own small and medium-sized enterprises (SMEs) will be acknowledged this autumn.

The Barclays Trading Places Awards, backed by the Department of Trade and Industry, will honour sole traders and SMEs that have a yearly turnover of less than £1 million and have been operating for less than three years.

Criteria for judging entries will take into account how individuals have triumphed over financial and personal barriers to found successful businesses.

John Davis, Barclays' marketing director for local business, introduced the awards today, saying: "Trading Places celebrates the inspiring achievement of these individuals whilst highlighting an increasingly important sector of the business community - the sole traders and small business operations that underpin our economy."

Ten finalists will share £32,500 worth of prize money and attend a gala in London on October 2nd.

The awards have been providing support to SMEs for the past three years.