President Obama's choice to lead the Small Business Administration (SBA), an agency that provides contracts and loans to help small business gain government contracts, is former California official Maria Contretras-Sweet. Her official nomination was announced at a White House event last Thursday. She is the second Hispanic nomination to Obama's second-term cabinet, preceded by Labor Secretary Tom Perez, and she will be the eighth woman in Obama's current cabinet.

Contreras-Sweet will assume the position of SBA Administrator, unseating Jeanne Hulit, who served as SBA's acting administration since Karen Mills left the position in 2013. The SBA chief was the last seat that remained open in Obama's cabinet.

"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.

The Mexico-native immigrated to the United States as a child and was pushed toward success by her grandmother, who was a migrant worker back in Mexico. Many years prior to her cabinet placement, she was California's secretary of Business, Transportation and Housing Agency in the Democratic administration of Gray Davis from 1999-2003 -- becoming the first Latina to do so. Contreras-Sweet then founded ProAmerica Bank, a Latino-owned community bank in Los Angeles, which specializes in lending to small and medium-sized Latino businesses. Her experience as a founder and chairwoman can provide awareness when it comes to struggles and demands that new business leaders face, such as "grueling hours, the stress, the occasional self-doubt."

The White House event highlighted stories from a number of small business owners attending the event, including Deb and Dan Carey of Wisconsin's famed New Glarus Brewing Company and Casey Patten and Dave Mazza, founders of the D.C.-area sandwich chain Taylor Gourmet. Obama stated that his administration has provided great support to small business, lending more than $130 billion to more than 225,000 over the span of five years.