Small Business Opportunity Grants Act of 2024

The Small Business Opportunity Grants Act of 2024 creates a federal grant program providing up to $20,000 to eligible new small businesses meeting specific criteria. It directly affects small businesses located in low-income communities, rural areas, HUBZone designations, or disaster-affected zones, and those owned by women, veterans, minorities (including Black, Hispanic, Native American, and Asian Pacific American individuals), tribal members, formerly incarcerated individuals, or people with disabilities. The program caps grants at 1 million total awards, requires covered lenders (like community development financial institutions) to administer grants, and mandates the Small Business Administration to collect and publicly publish anonymized demographic data on recipients. This focuses on direct financial support for underserved business owners rather than loans or other financial products.