Get All Access for $5/mo

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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Making a Change

Learn All of Rosetta Stone's Languages for $152

A lifetime subscription is nearly $250 off for a limited time.

Leadership

How His Personal Battle With Cancer Inspired This Founder's Solution for Patient Care

On this episode of "The Founder CEO," Michael O'Neil, founder and CEO of GetWellNetwork, discusses his inspiring journey as a leader and the transformative role of AI in healthcare.

Marketing

5 SEO Hacks to Help You Rank Fast

Discover the best SEO hacks you can use to rank fast and avoid waiting for months to see results.

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Starting a Business

Inside the Exclusive Private Club Devoted to Food, Wine and the Arts

Barrett Wissman breaks down the passions and partnerships behind his latest venture Domus Artium Reserve.