President Barak Obama has announced that Maria Contreras-Sweet, a Latina woman, as his nominee to lead the Small Business Administration. This is historical, as she is the first Latina woman nominated for the position. This nomination is great for all small business owners, as Ms. Contreras-Sweet is a small business owner. Ms. Contreras-Sweet founded ProAmerica Bank, a Latino-owned community bank in Los Angeles, which focuses on lending to small to medium sized Latino businesses. She knows the struggles for those attempting to obtain a small business loan. Her appointment can help ease the minds of those who are weary of taking a government loan.
Many people looking to take out a small business loan look to their local banks and credit unions, as well as private investors. Many do not look to the Small Business Administration. For some, they do not want to deal with the government. For others, they do not understand how a Small Business Administration loan works. The Small Business Administration not only offers small business loans, but offers advice on how to obtain local and federal grants for small businesses. The Small Business Administration website offers a great wealth of information not only for those who are starting their businesses, but also for those who are long-time small business owners.
The Small Business Administration can also direct a small business owner to a research grant. Research grants are primarily for tech businesses who are looking to commercialize their new tech product. Grants are different that small business loans, and few will actually qualify for them. However, in addition to a small business loan, they are also worth checking out. You do not have to pay back a grant, and can help cut the costs of a small business loan.
The presumed appointment of Maria Contreras-Sweet as lead over the Small Business Administration is not only great for Latina business owners, but for all small business owners. Her knowledge of small business loans is sure to ease the minds of those who are weary of the government, and make things easier overall for small business attempting to get a loan. While time will only tell, her background suggests that Ms. Contreras-Sweet is a great choice to lead the Small Business Administration into the growing economy.
