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Karen Mills, the outgoing head of the Small Business Administration, gets high marks from bankers for cutting red tape, revamping little-used programs, improving outreach, and, most important, convincing lawmakers to raise caps so that banks could make larger loans.
June 1 -
Interest in SBA lending has picked up as the agency works to attract more lenders and borrowers by streamlining its programs.
March 26
President Barack Obama plans to nominate Maria Contreras-Sweet, founder of a Latino-owned community bank in Los Angeles, as the next head of the Small Business Administration, according to multiple news reports.
Obama will announce Contreras-Sweet as his nominee at an event on Wednesday afternoon, according to the
Contreras-Sweet, who was born in Guadalajara, Mexico, founded ProAmerica Bank (
Before launching ProAmerica, Contreras-Sweet was president and co-founder of Fortius Holdings, a private equity firm that specialized in providing capital to small businesses in California. She also served as secretary of the California Business, Transportation and Housing Agency from 1999 to 2003, according to the
If Contreras-Sweet is confirmed by the Senate, she will fill the spot left vacant by former SBA administrator
Mills stepped down in August after four years on the job. Jeanne A. Hulit, the head of the agency's loan programs, has served as acting administrator since September.
