The initiative, developed by Invest Northern Ireland, has been designed to help improve the overall competitiveness and productivity of the agri-food and drink processing sector.
Minister Murphy said the scheme will promote "regional balance".
Liam Duffy, chief executive and owner of Classic Mineral Water, outlined the importance of investing should business want to ensure success.
He said: "Since taking ownership of Classic Mineral Water I have made multimillion-pound investments in new machinery, process improvements and innovation.
"As a result, we are the first in Ireland to produce isotonic drinks for the private label market, the business is much more productive, our sales continue to grow and we now employ four-times the number of people we had five years ago.
"Access to support through an initiative like this will significantly help a business like mine continue to make capital investments in new technologies."
Kieran Donoghue, chief executive of Invest Northern Ireland, added: "The aim of this new Initiative is to improve the overall competitiveness of Northern Ireland’s agri-food and drink processing sector.
"To this end, we are particularly seeking projects which are innovative and demonstrate how they will improve the productivity and sustainability of the business.
"The Initiative is now open to applications from all eligible agri-food and drink processors in Northern Ireland, and I encourage businesses in the sector to avail of this significant opportunity to invest for future growth."
