WASHINGTON (1/21/14)--President Obama nominated Maria Contreras-Sweet to head the U.S. Small Business Administration (SBA), noted an entry in The White House Blog posted Friday.
"America's small businesses are on the front lines when it comes to creating jobs and new opportunities. They are the cornerstones of our communities, and can help lead the way as we continue to grow the economy and add jobs in the coming year," the post says.
"They're part of the pact that America makes--the idea that if you work hard, if you take responsibility, then you can build something new," President Obama said in his announcement.
The Credit Union National Association supports a goal of increasing small business access to capital through the reduction of statutory and regulatory impediments, such as enabling full credit union participation in the SBA's Section 504 programs.
Contreras-Sweet is the founder of a Latino-owned community bank in Los Angeles and she is a former state cabinet secretary in California having served as secretary of the Business, Transportation and Housing Agency from 1999 to 2003.
Her reported private sector experience includes her founding of ProAmerica Bank, which primarily serves small- and mid-sized businesses, and as president and co-founder of Fortius Holdings, a private equity firm formed to provide capital to small California businesses.
The top post at the SBA has been empty since August, when Karen Mills left to accept a joint post at the Harvard Business School and Harvard's Kennedy School of Government.