SBA’s Future Secured with Contreras-Sweet

Monday, January 20 2014

Washington, D.C-- Obama ends speculation over the fate of the Small Business Administration, by nominating Maria Contreras-Sweet, Chief of the agency. She will be the 8th woman and 2nd Latino in Obama’s second term cabinet. The agency has been awaiting news regarding a replacement since the resignation of Karen Mills in August,.

20140120-APT-CONTRERAS-SWEETS-SBA355The nomination is intended to underscore the administration’s commitment to Small and Medium Enterprises, often touted by the government as the solution to the crisis. The agency has lent over $130 million to more than 225,000 small businesses over the past five years.


Contreras-Sweet has been selected in part due to her own entrepreneurial expertise – she is co-founder of local bank ProAmérica Bank as well as of private equity firm Fortius Holdings. Her experience in government service as California Secretary of Business, Transportation and Housing (1999-2003) balances out the profile of this 58 year-old business woman.

Originally from Mexico (she immigrated when she was 5), Contreras-Sweet became the first Latina to serve on the board of the Blue Cross California and to hold a secretary position in California State Government.


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