NADCO Praises Senate’s Confirmation of New SBA Administrator

Washington, DC – The National Association of Development Companies (NADCO), the trade association of U.S. Small Business Administration (SBA) lenders including the nation's SBA Certified Development Companies, praised the Senate's confirmation of Maria Contreras-Sweet, founder and board chairman of ProAmerica Bank, as the new SBA Administrator today.

“As a community banker who specialized in supporting underserved small businesses, Maria Contreras-Sweet brings the leadership and experience the nation’s small businesses need at the SBA,” said National Association of Development Companies President & CEO Beth Solomon. “In an economy where attaining critical access to capital remains a challenge for small businesses, Ms. Contreras-Sweet’s expertise and experience will be integral to our goal of expanding credit to America’s job creators and underserved communities.”
Contreras-Sweet, an active member in the Los Angeles Latino community, has played a critical role in providing access to capital for California’s small businesses and brings a wealth of corporate and government experience to her new role. Contreras-Sweet’s confirmation fills the final spot in President Obama’s second term Cabinet, and upon assuming the helm, she will have the opportunity to continue to strengthen the Real Estate Advantage (REAL 504) Loan Program, which enables small businesses to buy real property and fix assets, and produced more than 7,700 loans in FY 2013, for a total of more than $11.7 billion in small business finance.

Contreras-Sweet has also said she supports the reinstatement of the popular debt refinancing program known as "debt refi," which would enable small businesses to unlock trapped equity in their businesses to create and sustain jobs.

“Administrator Contreras-Sweet's efforts to focus on lending to underserved communities and expand capital access through initiatives like debt refinancing are urgently needed. While Wall Street has seen a faster recovery and is thriving, Main Street communities need the nation's focus and support to generate the jobs our communities must have. NADCO and the nation’s SBA Certified Development Companies look forward to working in partnership with Contreras-Sweet as the tip of the spear in revitalizing our economy block-by-block, and loan-by-loan as she continues to provide a strong vision for growth in the months ahead.”

Article provided by NADCO here.