Town and parish councils along the route will be able to apply for funding of up to £500 each.
Meanwhile, according to the Local Democracy Reporting Service, larger awards of up to £2,000 will be available for host locations Helmsley and Leyburn.
The money can be used for decorations, community events or activities designed to bring residents together on race day, as well as to showcase local identity to visitors lining the route.
Skaith said the grants would help communities “celebrate this fantastic event, bring residents together and showcase the unique character, hospitality and pride” of towns and villages across North Yorkshire.
The route has been developed in partnership with British Cycling and North Yorkshire Council, with organisers highlighting the mix of challenging climbs and spectacular scenery.
Carl Les, leader of North Yorkshire Council, said it would provide a “marvellous opportunity” for communities to come together and promote the county on a national and international stage.
National Park representatives also welcomed the announcement, with the North York Moors National Park Authority and Yorkshire Dales National Park Authority both highlighting the chance to showcase their landscapes to a global audience.