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January 15, 2014 AT 1:59 PM
U.S. President Barack Obama nominated Maria Contreras-Sweet on Wednesday to lead the Small Business Administration, an agency that provides loans and helps small businesses get government contracts. "She understands the needs of small business owners like herself. She knows how they can lift entire communities, and ultimately how they lift our country," Obama said in making the announcement at the White House. She is the second Hispanic nominated to Obama's second-term cabinet after Labor Secretary Tom Perez.