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Up to $20,000 Grants for Small Businesses in Underserved Communities.

This Act establishes a new SBA grant program offering up to $20,000 to eligible small businesses. The funding is specifically targeted at enterprises owned by minorities, women, veterans, individuals with disabilities, and those operating in rural or low-to-moderate-income areas. The goal is to foster business growth and job creation in communities that have historically faced barriers to accessing capital.
Key points
Grants up to $20,000 are available for qualifying small businesses, with a total limit of one million grants to be awarded.
The program prioritizes businesses located in low-income areas, rural areas, HUBZones, and those owned by disadvantaged groups (e.g., minorities, women, veterans, formerly incarcerated individuals).
Financial support will be distributed through community-focused financial institutions, which will also receive technical assistance.
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Additional Information
Print number: 118_S_5634
Sponsor: Sen. Markey, Edward J. [D-MA]
Process start date: 2024-12-19
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OFFICIAL LEGAL TITLE

Small Business Opportunity Grants Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5634.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-19.

What are the main provisions?

Key points include:

  • Grants up to $20,000 are available for qualifying small businesses, with a total limit of one million grants to be awarded.
  • The program prioritizes businesses located in low-income areas, rural areas, HUBZones, and those owned by disadvantaged groups (e.g., minorities, women, veterans, formerly incarcerated individuals).
  • Financial support will be distributed through community-focused financial institutions, which will also receive technical assistance.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Markey, Edward J. [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Public Investments