Under the three-year program, the government will pay 25 per cent of a graduate's salary in the first year and 12.5 per cent in the second.
The incentive is available to businesses with fewer than 100 employees and includes startup companies, social enterprises, not-for-profits and registered charities.
An employer must pay a minimum base salary of $30,000 to qualify.
The province will provide $1.6 million in funding in the first year, $3.2 million in the second and $6.5 million in the third year of the program for a total of $11.3 million.
The program covers students who have graduated from any university in the last year, but they must live in Nova Scotia to be eligible.