It offers grants to help organisations reduce employment inequalities, discrimination and barriers for minority ethnic people, women, disabled people and older workers.
It will be delivered by the Voluntary Action Fund, which has its head offices in Inverkeithing.
Mr Hepburn met staff from VAF and received a demonstration of the online application system to the fund which is offering grants to private and third sector organisations.
He said: “We want the same employment opportunities for all so that everyone, irrespective of gender, race or disability, has the opportunity to fulfil their potential and improve Scotland’s economic performance as a result.
“I am delighted to open applications for the workplace equality fund, which will make funding available to businesses to change attitudes, cultures and workplace practices.
“I would strongly encourage every employer to find out how they and their workforce can use this fund to remove barriers to equality.”
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