Glossary Of Small Business Terms part 35

REGFAIR The Oversight of Regulatory Reform provision of the Act created the National Ombudsman and 10 Regional Fairness Boards to provide small businesses with the opportunity to comment on enforcement activity by federal regulatory agencies. Through

this provision, Congress and the President have provided a way that small businesses can meaningfully participate in the regulatory process by establishing a forum in which to express their views and share their experiences about federal regulatory activity.

REGULATORY FAIRNESS The Oversight of Regulatory Reform provision of the Act created the National Ombudsman and 10 Regional Fairness Boards to provide small businesses with the opportunity to comment on enforcement activity by federal regulatory agencies. Through this provision, Congress and the President have provided a way that small businesses can meaningfully participate in the regulatory process by establishing a forum in which to express their views and share their experiences about federal regulatory activity.

REGULATORY FLEXIBILITY ACT (RFA) The Regulatory Flexibility Act (5 U.S.C. 601- 612) requires federal agencies to consider the effects of their regulatory actions on small businesses and other small entities and to minimize any undue disproportionate burden. The chief counsel for advocacy of the U.S. Small Business Administration is charged with monitoring federal agencies' compliance with the act and with submitting an annual report to Congress.

REQUEST FOR PROPOSAL (RFP) A solicitation issued by the government to prospective offerors. An RFP describes what the government requires and how the offerors will be evaluated. Negotiations may be conducted with offers. Award is based on a combination of lowest price and technical merit.

REQUEST FOR PROPOSALS Solicitations for offerings for competitive negotiated procurements when it is impossible to draft an invitation for bids containing adequate detailed description of the required property and services. There are 15 circumstances in the Federal Acquisition Regulations (FAR) which permit negotiated procurements.

REQUEST FOR QUOTATION (RFQ) A request for market information by the government, used for planning purposes.

RETURN ON INVESTMENT The amount of profit (return) based on the amount of resources (funds) used to produce it. Also, the ability of a given investment to earn a return for its use.

REVOLVING CREDIT ACCOUNT A formal line of credit offered to larger businesses in exchange for up-front fees and standard interest payments.

RFP Request for Proposal A solicitation issued by the government to prospective offerors. An RFP describes what the government requires and how the offerors will be

Glossary Of SmallBusiness Terms part 36

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