The bulk of the bursary cash will be split between 100 independent retailers and 100 people from the on-trade, but they must all be travelling from outside the M25.
There is also funding to help London-based visitors travel to the fair, which takes place at Olympia from June 2-4.
LWF will ask exhibitors to nominate buyers and the final list will then be drawn up.
Event director Ross Carter said: “2014 is all about a return to the roots of the UK wine trade.
“If we are to successfully engage with those independents and sommeliers for whom expense has been a barrier to attending in the past, then we need to incentivise them with these bursaries and also, of course, relevant and tailored content.”