TASMANIA'S bid for an AFL team of its own is starting to pick up momentum with the announcement of a second major sponsor and the first Tasmanian sponsor.

Tasmanian financial institution MyState Financial has promised $300,000 over three years for the team once it is granted an AFL licence.

It follows the announcement two weeks ago from confectionary giant Mars of a $4 million deal as the team's major sponsor.

MyState chief executive Chris Brooks said he hoped the announcement would encourage more local Tasmanian businesses to support the bid and the team.

"We know that Tasmania can and will present an economically sustainable bid to the AFL," Brooks said.

"As the largest Tasmanian-owned financial institution, we believe there will be substantial long-term financial and social benefits to the state in the establishment of a Tasmanian AFL team," he said.

"As a state we have already seen the financial benefits of playing four AFL premiership games at Aurora Stadium with our own AFL team those benefits will increase exponentially."

Acting Minister for Tourism, Michelle O'Byrne, welcomed the MyState involvement.

"It further demonstrates that a Tasmanian AFL team has a high level of support from the corporate sector, including local business, which is a critical component of our business case that will be taken to the AFL later this year," she said."

Ms O'Byrne said Tasmania had a compelling case for inclusion in the national competition.

"On a whole range of benchmarks including economic performance, population growth, football history, participation rates, and corporate and community support, Tasmania's inclusion in the AFL's premier national competition should be seriously considered," she said.

"The State Government intends to do our AFL bid justice with a professional business case that properly conveys our case for inclusion, and it is critical that the business case we submit to the AFL is of the highest calibre."