The National Federation for Independent Business is now accepting applications for its Young Entrepreneur’s scholarship.

The federation awards scholarships between $1,000 and $10,000 to high school seniors who are running their own business. Scholarship recipients can use the funds to pay tuition at the university, college, community college or vocational institute of their choice, according to a release from the federation.

The Young Entrepreneur Awards program was established to raise awareness among the nation’s youth about the important role of enterprise and entrepreneurship.

Since the creation of the scholarship in 2003, the federation has awarded 2,095 graduating high school seniors almost $2.4 million. Four students received $5,000 scholarships last year and the 2011 Young Entrepreneur of the Year received a $10,000 scholarship.

Scholarship application are available at the NFIB website until Dec. 15.