COTHU, the business council for the arts, last night inaugurated its 1997 award for Arts Sponsor of the Year. The awards, now in their seventh year, are designed to recognise and encourage imaginative and effective business sponsorship of the arts and are open to all companies, regardless of size. The council said nominations for this year's prizes must be in by September 8th. Entry forms are available from Cothu in Dublin, telephone 676 6966.