Obama to name California banker head of the SBA
01/15/2014 12:31 PM
01/15/2014 12:52 PM
President Barack Obama will name California bank owner Maria Contreras-Sweet as head of the Small Business Administration Wednesday.
Contreras-Sweet, 58, is the founder and chairwoman of the Board of ProAmerica Bank, a Latino owned community bank focusing on small business and non-profit organizations in Los Angeles.
Before founding ProAmerica Bank in 2006, she was the president and co-founder of Fortius Holdings, a private equity and venture fund specializing in providing California's small businesses with access to capital and California Secretary of the Business, Transportation, and Housing Agency.
John Arensmeyer, founder and of Small Business Majority, an advocacy organization, said the move was "welcome news for small businesses and our economy."
"Her diverse background working to expand access to capital, encourage investment and promote job creation in the government, non-profit and private sectors will be a critical asset for her new role as SBA administrator, especially during these difficult economic times," he said.
Obama will make the nomination official at a 3:40 p.m. ceremony at the White House.
If confirmed by the Senate, Contreras-Sweet would replace Karen Mills, who left in August to join Harvard University.
She would be the final slot in Obama's second-term Cabinet.
Join the Discussion
The Wichita Eagle is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.