The BOA applied for the grant from the International Olympic Committee's Olympic Solidarity World Programme last year and received confirmation that the programme will start this month.
The entire grant will be directed to Ice Hockey UK and will be utilised to help cover expenses associated with team training camps, travel for competition and other costs associated with the ongoing effort to qualify for the Games.
This is a boost to a Great Britain side who have already advanced to the final Olympic Qualification Tournament, set to take place next month in Riga, Latvia.
Currently ranked 21st in the world, Great Britain are in a group that includes Latvia (11), France (14) and Kasakhstan (17) and if they win the tournament will appear at a Winter Games for the first time since 1948, having won gold in 1936.
British Olympic Association Chief Executive Andy Hunt said: "Ice Hockey UK is attempting to accomplish something that hasn’t been done for more than 60 years, and we are delighted to support their efforts by securing this grant. "Equally, we greatly appreciate the support of Olympic Solidarity in reviewing, and ultimately approving, our grant request."