Midlothian and Borders Tourism Action Group (MBTAG) launched the new funding stream at a special event on Wednesday in Galashiels.
MBTAG project manager Jemma Reid said: “Through this fund, which totals £50,000, we aim to help businesses create new, innovative and memorable visitor experiences and products.
“The focus is on projects that strengthen the area’s appeal as a visitor destination, improve the quality of the visitor experience, and drive business at key times.
“We will be looking for projects which broaden the visitor offer and which will increase our competitor advantage.”
Businesses can apply by downloading the application form from here by November 16.