Small Business Opportunity Grants Act of 2024

The Small Business Opportunity Grants Act of 2024 establishes a grant program under the Small Business Administration (SBA) to award grants to eligible small businesses and certain lenders, with a focus on underserved communities, and includes a technical assistance grant program for lenders. Sec. 2, Definitions: Defines key terms including "Administrator" as the SBA Administrator, "community development financial institution" and "minority depository institution" by reference to existing law, "covered lender" as a lender authorized under section 3(a)(2)(B), "covered grant" as a grant issued by such a lender, "eligible recipient" as an eligible small business concern, and "rural area" as a county or subdivision designated as rural by the Census Bureau. Sec. 3, Grant Program: Directs the Administrator to establish a grant program awarding grants to eligible recipients located in low- to moderate-income communities, HUBZones, rural areas, or recent disaster areas, or where over 50% of employees reside in such communities, and to recipients that are new businesses or owned by socially and economically disadvantaged individuals (presumed to include Black, Hispanic, Native, Asian Pacific, and other minorities), women, veterans, tribal members, formerly incarcerated individuals, or individuals with disabilities. Grants also go to lenders that are community development financial institutions, minority depository institutions, Microloan Program lenders, certified development companies, or Community Advantage Small Business Lending Companies. Limits: no more than 1,000,000 grants, each up to $20,000, and recipients may still receive other loans or grants. The Administrator must also establish a technical assistance grant program for covered lenders and issue regulations within 180 days. Authorizes necessary appropriations for fiscal year 2025. Sec. 4, Reporting Requirements for Grants: Requires the Administrator to collect data on each grant recipient, including gender, race, ethnicity, sex, age, tribal affiliation, socioeconomic status, and disability status, and publish this data on the SBA website in disaggregated format within 7 days of grant approval, while protecting personally identifiable information.