Small Business and Minority Small Business Procurement Opportunities Act of 1994 - Amends the Small Business Act (the Act) to direct the Administrator of the Small Business Administration (SBA) to:  (1) develop plans to coordinate and promote the use of the Federal Acquisition Computer Network by small businesses that incorporate outreach efforts by various agencies and organizations; (2) inform and provide consistent and comprehensive training on the Network for small businesses; and (3) provide Minority Business Development Centers and other Department of Commerce minority assistance programs information on procurement opportunities and access to the Network. 
(Sec. 2) Requires each Federal contract for the procurement of goods and services not in excess of $100,000 or the simplified acquisition threshold, whichever is higher, to be reserved exclusively for small businesses unless the contracting officer is unable to obtain competitive offers from two or more small businesses. 
(Sec. 5) Revises provisions regarding contract goals for small businesses and small businesses owned by socially disadvantaged individuals.  Expands such program to include small businesses owned by women. Increases the percentage goal for small business participation to at least 25 (currently, 20) percent of the total value of all prime contract awards in a fiscal year.  Sets a minimum goal of five percent of the total value of all prime contract and subcontract awards in a fiscal year for participation by small businesses owned by women. 
Requires all executive agencies to establish a goal of at least five percent of contract and subcontract dollars per year to be expended through small businesses owned by socially disadvantaged individuals for fiscal years 1994 through 2000.  Outlines administrative procedures with respect to the attainment of such goals, including the provision of appropriate technical assistance. 
Authorizes the use of advance payments and less than full and open competitive procedures when determined appropriate and in furtherance of the attainment of the contract goals.  Requires appropriate regulations by the Administrator for Federal Procurement Policy.  Provides civil and criminal penalties for the misrepresentation of a business as a business owned by socially disadvantaged individuals.  Requires an agency head, upon request, to determine whether the use of small disadvantaged business set asides by a contracting activity of such agency has caused a particular industry category to bear a disproportionate share of the contracts awarded to attain the goal established for such contracting activity.  Requires appropriate corrective action upon a positive finding. 
(Sec. 8) Requires procuring activities, until October 1, 1999, to report procurement awards with a dollar value between $10,000 and $100,000 in conformity with the procedures or the reporting of a contract award in excess of $25,000 that were in effect on October 1, 1992. 
Directs the SBA Administrator to propose a modification to the Federal Acquisition Regulation that provides for the use of specified fast payment terms. 
(Sec. 9) Provides deadlines for responses to requests by small businesses regarding contract administration matters. 
(Sec. 10) Prohibits contracting procurement agencies from using any market acceptance criterion that would preclude small businesses from being eligible for a contract award solely on the basis of being unable to supply a quantity of product when the same amount of product could be obtained from a number of small business suppliers. 
(Sec. 12) Requires the President to report annually to the Congress on the progress that small businesses owned by socially disadvantaged individuals and women are making in obtaining Federal procurement dollars. 
(Sec. 13) Makes certain requirements regarding the participation of small businesses and small businesses owned by socially disadvantaged individuals in contracts and subcontracts applicable to small businesses owned by women as well.
Output: Small Business and Minority Small Business Procurement Opportunities Act of 1994