Purpose: This study aims to propose the roles for business, broadly defined, in government-led programs designed to enhance human capital investment. Through conditional cash transfers (CCTs), businesses have opportunities to alleviate poverty, address the United Nations’ 2030 Agenda (SDGs), enhance CCT viability and explore new market opportunities. Design/methodology/approach: This multifaceted research approach consists of five case studies of CCTs in Latin America, face-to-face field meetings with CCT administrators, 48 CCT beneficiaries in a pilot study and 31 interviews (verbal and remote) with business managers and companies in five countries. Findings: Building on an on-site pilot study, an in-depth appraisal of five CCTs in Latin America over a five-year period, the authors examined six stages of CCT activities to assess possible areas of business engagement. The cases, augmented by field interviews with businesses, present fledgling business engagement in CCTs. In light of anticipated growth in CCTs, this study presents six major ways businesses can further participate in selected stages of CCT operations that contribute to their long-term sustainability, as well as future market opportunities. Originality/value: Conducted over a five-year period with participants from government, businesses and CCT beneficiaries, this study deepens our understanding of how businesses can alleviate poverty through engaging in government-led antipoverty programs.