Watch this video first: The Earth seen during suborbital flight (November 2015).
Flight Opportunities (website) is a NASA program established late 2010 to nurture the then-emerging commercial suborbital launch industry. Today it supports both the commercial suborbital and orbital small launch industry.
In the suborbital realm, the program provides grants to non-USGOV researchers to buy flight services from commercial providers. For USGOV research, the program keeps an 'open tab' (an Indefinite Delivery Indefinite Quantity, or IDIQ, contract) with proven platforms (e.g. Blue Origin, Masten Space Systems, UP Aerospace, and others). Ongoing efforts to support commercial capability development in both industries happens through private-public partnerships (ACO and Tipping Point).
The program's Annual Reports give a good overview of the first 5 years of the program where the focus was on bootstrapping the program in NASA's Space Technology Mission Directorate. For the first five years (2011-2015), the budget was mandated by Congress at ~$10 million. It was raised to ~$15 million in FY2016 to enable the newstart of supporting the emerging commercial small launch vehicle industry (e.g. Virgin Orbit, Vector Space, and others).