President Obama is nominating California banker Maria Contreras-Sweet to head the Small Business Administration.

"Maria knows how hard it is to get started on a business.  The grueling hours, the stress, the occasional self doubt," he stated.

Contreras-Sweet is the founder and chair of a Latino-owned community bank in Los Angeles.  In a White House event, the President cited ongoing progress in the economic recovery and said small businesses are leading the way.

He said Contreras-Sweet is well-aware how difficult it is to start a small business and achieve success.