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January 15, 2014 AT 11:58 AM
President Barack Obama says his pick to head the Small Business Administration understands what small businesses need and how they can lift up the nation's economy. Obama is nominating Maria Contreras-Sweet to head the agency. Contreras-Sweet has a history of working with small businesses as the founder of a Latino-owned community bank and a former California cabinet secretary. He says she also understands that a lack of access to capital often means a lack of opportunity for Americans.