Mayor Khal Asfour has unveiled a new annual program to help unlock the potential of Canterbury-Bankstown’s residents.

The Mayoral Scholarship Program, which was endorsed at last night’s Council Meeting, was created to support residents develop their knowledge, skills and talents.

"It should be of no surprise that it will be our people, volunteers, sportspeople, artists, employees and employers, and entrepreneurs, who will be the key to our City’s future prosperity and success," Mayor Asfour said.

"Unfortunately, however, there are often financial challenges that prevent our residents from pursuing their dreams, whether that be through their desired career, sport, further education, or the arts.

"This scholarship program will give our residents and, in particular, its young people the helping hand they need to overcome these challenges.

"It will seed sparks of brilliance in our residents and inspire them to be the best they can, and use what they learn to give back to our City.

"I am truly excited to be introducing this initiative in our City," he said.

Mayoral scholarships are available in the following categories:

Academic; Traineeship; Sport; Culture; Environment; Smart City; and VET.

Funding from each of these categories can be used to purchase tools and equipment, cover some education costs, and employment costs in the case of the traineeship.

The total value of the scholarships will be $10,000 and be funded under the Community Grants and Event Sponsorship Program.

The application and assessment criteria for the program will be finalised later this year.