The Government scheme, supported by the European Regional Development Fund, will be delivered by the Black Country Growth Hub next month.
It will provide grants of £1,000 to £3,000 – and up to £5,000 in exceptional cases – for small firms to adopt to new ways of working amid Covid-19.
Councillor Stephen Simkins, cabinet member for city economy, said: "This additional support for our local business community is very welcome and I would encourage Wolverhampton businesses to register their interest now and apply as soon as the schemes go live.
"As a council, we have ensured thousands of eligible businesses have had quick access to vital funding to help them through this most difficult time.
"It is paramount these new grants get allocated swiftly and that no business is left behind as our city looks to recover from the financial impact of Covid-19."
Areas of support include legal, finance, human resources, health and safety, Covid-19 risk assessments and prevention measures, or purchasing IT or small pieces of equipment to adapt to new ways of working.
And businesses are being encouraged to register for the Black Country Growth Hub Newsletter to receive notification as soon as the scheme goes live.
A visitor economy package is also set to go live next month to support 40 Black Country businesses in the hospitality sector.
Bents Limited, a new private sector partner with expertise and experience of delivering for two Local Enterprise Partnerships in the Midlands, will deliver the Government scheme.
It will offer diagnostics/needs analysis through to one-to-one support, workshops and webinars, and grants of £1,000 to £1,800 for more specialist support and the purchase of small items/equipment.
To sign up visit www.bcgrowthhub.com/small-business-grants or email firstname.lastname@example.org to register for the visitor economy package.