Obama Picks Maria Contreras-Sweet to Lead the SBA Maria Contreras-Sweet, the founder of ProAmerica Bank, is the White House's pick as head of the government's Small Business Administration.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

naaonline.org
Maria Contreras-Sweet

After more than six months without a leader, the Small Business Administration may finally have a new chief.

President Barack Obama is set to nominate Maria Contreras-Sweet, the founder of ProAmerica Bank, as the new leader of the SBA later today, according a senior administration official.

Once nominated, Contreras-Sweet will still have to be confirmed by the Senate.

The SBA has been without a permanent chief since August, when Karen Mills vacated the post despite vowing to stay on until the President had replaced her. Jeanne Hulit, the SBA's associate administrator in the Office of Capital Access, has been serving as a temporary chief.

Related: SBA Shows High-Tech Startups Some Love

The nomination of Contreras-Sweet, a Latina woman, may be an effort to stave off some of the flack the White House has received for having too many white men in its cabinet. The head of the SBA was elevated to a cabinet-level position during Obama's first term in office.

Contreras-Sweet is the founder and chairman of the board of the Los Angeles-based ProAmerica bank, a community bank catering to Latino entrepreneurs. Members of the small-business community were pleased with the White House's selection.

"We are optimistic that with the announcement of Maria Contreras-Sweet to lead the Small Business Administration, President Obama and his Administration will be focused on fostering and encouraging the entrepreneurial spirit of this country," said Katie Vlietstra, vice president for government relations at the National Association for the Self-Employed (NASE), an advocacy group for the self-employed and micro-businesses. "Our community will need a strong and vocal advocate inside the Administration to ensure we have the tools and resources to be competitive not only locally, but also globally."

Related: SBA Chief Karen Mills Leaving With No Replacement Named

Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Editor's Pick

Related Topics

Science & Technology

5 Mistakes I Learned to Avoid When Working With ChatGPT

What I learned from using ChatGPT for business purposes day-to-day across my content websites.

Business News

Renowned Federal Judge, 96, Faces Yearlong Suspension For Refusing to Retire

Judge Pauline Newman, a highly respected figure in patent law, has been suspended for one year by her colleagues due to mounting concerns about her mental fitness.

Business News

Uber Eats to Roll Out New Payment Options in 2024, Aiming to Enhance Access to Fresh Groceries for Vulnerable Populations

Starting in 2024, Uber Eats will allow individuals with EBT cards to use their Supplemental Nutrition Assistance Program (SNAP) benefits to pay for grocery delivery orders.

Business Process

10 Ways to Reimagine Retail and Virtual Shopping Since COVID-19

In the post-COVID era, virtual shopping experiences are revolutionizing the retail landscape, merging the efficiency of technology with the personal touch of traditional shopping.

Cryptocurrency / Blockchain

Why the Next Crypto Bull Run Will Be Like Nothing We've Ever Experienced

We are on the precipice of what could be the greatest transfer of wealth that has ever happened in human history.