Obama nominates Calif. businesswoman to lead SBA

Published on NewsOK Modified: January 15, 2014 at 3:38 pm •  Published: January 15, 2014
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WASHINGTON (AP) — Putting a finishing touch on his second term Cabinet, President Barack Obama on Wednesday nominated Maria Contreras-Sweet, the founder of a Latino-owned community bank in Los Angeles and a former California Cabinet secretary, to be head of the Small Business Administration.

Obama praised Contreras-Sweet, who immigrated to the United States when she was 5 years old, as a "champion of women-owned and family owned businesses."

Contreras-Sweet, born in Guadalajara, Mexico, has a history of working with small businesses and has been an advocate for Hispanics. As California's secretary of the state's Business, Transportation and Housing Agency from 1999 to 2003, she was the first Latina to serve as a Cabinet secretary in the state and oversaw 40,000 state employees and a $12 billion budget.

In 2006, she founded ProAmerica Bank, a financial institution that aimed to assist small and mid-size businesses. Before that, she was president and co-founder of a private equity firm that provided capital to small California businesses.

"Maria knows how hard it is to get started on a business," Obama said. "The grueling hours, the stress, the occasional self-doubt, although I have not yet seen self-doubt out of Maria. She knows it herself."

If confirmed by the Senate, Contreras-Sweet would fill the last vacant Obama Cabinet slot, filling the SBA administrator's position formerly occupied by Karen Mills who left in August.

Contreras-Sweet would become the second Hispanic in Obama's second-term Cabinet. The other is Labor Secretary Thomas Perez. She would also become the eighth woman in Obama's current Cabinet. Obama's selection had been the subject of intense interest among Hispanic leaders, who wanted to ensure they had a high-profile presence in the administration.



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