The Accelerating Small Business Growth Act establishes a competitive grant program through the Department of Transportation to help businesses owned by socially and economically disadvantaged individuals develop the skills and capacity to compete for transportation-related contracts and subcontracts on equal footing with other businesses. Eligible recipients of grants include states, territories, local governments, tribal governments, port authorities, and metropolitan planning organizations, which can use the funds to create innovative training and development programs and may partner with nonprofits and colleges to carry out their work. The bill authorizes $5 million per year for fiscal years 2024 through 2026 to fund this program. Grant recipients must report to the Transportation Department within two years on their activities and the program's effectiveness, and the Secretary of Transportation must submit a comprehensive evaluation report to Congress within three years of the law's enactment.