Melbourne Music Bank is in its second year.

It is asking for artists to submit a song inspired by Melbourne. 

The prize for the competition includes two days of recording at Sing Sing Studios, a video clip by filmmaker Wilk, live gigs, album artwork and 500 copies of their recorded CD, marketing advice and their song could be used in a Bank of Melbourne advertising campaign.

Award-winning musician Ella Hooper, of Killing Heidi fame, is the campaign's ambassador.

She was discovered in her hometown of Violet Town when she was 17.

She recognised the value of regional music scenes.

She said the prize could change the life of a talented band or musician.

"It's so important that we encourage and celebrate our local talent," she said.

"That is exactly what this project is about.

"I got my big break after being discovered at a local fete in Violet Town.

"It led to free studio time and that is what we sent in to Triple J Unearthed.

"It played a huge role in how we got started as a band."

Hooper said she often returned to Violet Town as it was a constant source of inspiration for her music.

"Growing up in a regional town, I fantasised about the Melbourne music scene," she said.

"Melbourne has a strong connection to regional areas."

The competition is open to all Victorian songwriters and musicians.

Artists have until September 7 to submit an original piece of music.

Twelve finalists will be shortlisted and a public vote will narrow the field.

Four finalists will then perform live at the Melbourne Recital Centre where a panel of music experts will choose the winner.

Bank of Melbourne chief executive Scott Tanner said the bank was delighted to help celebrate and support local music talent.

He said the program was exciting for artists to be a part of.

For more information, visit bankofmelbourne.com.au