Two graduates have proved there are still opportunities for young entrepreneurs to succeed.

Tom O'Callaghan and Chris Seed run 19 Grams design agency from the LCB Depot complex in Rutland Street, Leicester.

In the short time they have been going, they have worked for brands and organisations such as Warner Brothers, AstraZeneca, TalkTalk and Leicester City Council.

They are one of two Leicestershire businesses – along with Leicester online discount store 99pShopper.com – to make the regional finals of the Lloyds TSB Enterprise Awards, for recent graduates.

Winning the regional heat on Thursday would guarantee a cash prize of between £1,000 and £5,000 for their business, plus practical support.

They would also go through to the national final and the chance to win £10,000 for best start-up and £50,000 for best UK enterprise.

Tom and Chris met while studying graphic design at De Montfort University.

Before they graduated, in 2010, they had won a bursary in the university's annual Business Venture Competition, which helps kick-start businesses.

Tom, 22, said: "The wheels were set in motion before we left university.

"It was a stressful time getting all our coursework together and in the middle of that we found out that we had been lucky enough to get a place on the university's enterprise scheme."

That was worth £5,000 in support and mentoring from Stuart Jones and Fred Brookes.

Tom said: "Initially, we were working from a storage area at a flat we shared opposite the KFC in Narborough Road.

"We couldn't meet clients there so tended to meet in coffee shops and at De Montfort's innovation centre."

In the first nine months, they turned over £29,000. They anticipate a "substantial" step up from that in their current financial year.

As the business grew, they moved to the LCB Depot.

Chris, 24, said the pair offered an all-round design service ranging from building websites to doing digital animation, branding and logos.

Tom said: "Our clients vary a lot – ranging from start-ups through public bodies such as Leicester City Council and Cheshire East Council to blue chips.

"For the city council we've been updating their digital displays for the wild space exhibit at New Walk Museum."

The other nominated business, 99pShopper.com, is run by Suleman Sacranie, from Leicester.

He was recently named Midlands Young Entrepreneur of the Year at the Midlands Business Awards.

Both businesses will to give a presentation at Nottingham Trent University on Thursday, before hearing if they are through to the national finals.