The scheme has been launched by the SNP Scottish Government to support local projects run by organisations like town centre partnerships, chambers of commerce or community and charity trusts. It will provide projects with match funding of between £5000 and £25,000.
Eligible projects could include things like community shops, marketing and digital schemes, or enabling larger construction projects delivery.
Mr Torrance said the fund has been introduced to help town centres across the country recover from the effects of the coronavirus pandemic and that the money will help to support local schemes and help to kickstart the local economy.
He said: “The Scotland Loves Local Fund has been launched by the SNP Scottish Government to help our town centres such as Kirkcaldy recover from the devastating impact of the pandemic.
“The Kirkcaldy area has a number of fantastic local community projects to stimulate growth and footfall into the area and this funding will allow them to continue to make our town centres a more vibrant place and stimulate the local economy.
“Not only is the funding important but when people shop locally and support local businesses it also boosts the economy here and ensure that money spent in the local area stays in the local area.”
He added: “I would urge local projects to apply for the Scotland Loves Local Fund and encourage everyone to continue to support local business at every opportunity.”