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The Honorable Hector V. Barreto
In July 2001, Hector V. Barreto was unanimously confirmed by the U.S. Senate as the 21st administrator of the U.S. Small Business Administration. In this capacity, he oversees the delivery of financial and business development tools to America 's entrepreneurs. With a portfolio of direct and guaranteed business loans and disaster loans worth more than $45 billion, SBA is the largest single financial backer and facilitator of technical assistance and contracting opportunities for the nation's small businesses.
Since 2001, Barreto has led the agency in providing record levels of support for America 's small businesses. During his tenure, the number of loans to small businesses, including minorities and women, will have more than doubled. Nearly 1/3 of those loans now go to minorities and the number of loans to women, African Americans, Hispanics, and Asian Americans rose to record levels in 2004.
Barreto's focus on delivering quantifiable, citizen-centered service has led to more entrepreneurs than ever, a record 2.44 million in FY2004, receiving business counseling, and a 68% increase in counseling sessions. Barreto also oversees federal small business procurement. In 2003, small firms supplied more than 23% of the total value of federal prime contracts-an all time high ($65.5 billion).
Under Barreto's stewardship, SBA is helping more small businesses at less cost to the taxpayer. By eliminating the need for appropriated funds for the most popular SBA loan program, the SBA is now saving the taxpayers $100 million annually. Simultaneously, creation of the landmark "Business Matchmaking" program has made possible over 30,000 one-on-one appointments between small businesses and the procurement officers for government and Fortune 500 companies and resulted in millions of new contracts to small businesses.
Barreto's focus on the importance and immediacy of disaster response has led to the implementation of a paperless disaster loan processing system, ensuring that those affected by disaster receive timely assistance. Under his leadership, SBA has provided record financial assistance to help Americans recover from unprecedented disasters, including 9/11 and the 2004 hurricanes.
Barreto's position, and his lifetime of involvement with the small-business community, has also made him America 's highest-ranking, small-business advocate. He meets daily with small-business owners and the trade associations that represent them, keeping in constant touch with the needs and priorities of America 's small businesses, and sharing those priorities with the President.
President Bush has said that Barreto is "a fine leader who cares deeply about the small businesses of America … and he and I know that small businesses are the backbone of our economy." The President has also pointed out that Barreto "understands that the role of government is not to create wealth, but to create an environment in which entrepreneurs from all walks of life have a chance to succeed."
His own family history can be credited for that understanding. Barreto's experience in the world of entrepreneurship began at a young age. He helped his parents by working in, and later co-managing, a family restaurant, an export/import business and a construction company in his home town of Kansas City , Missouri . Barreto assisted his father in the formation of the U.S Hispanic Chamber of Commerce, where he later served as Vice Chairman of the board. Immediately before being nominated to his current post by the President, Barreto was himself a business owner.
After receiving his degree in business administration and Spanish from Rockhurst University , Barreto worked for the Miller Brewing Company as the South Texas Area Manager. In 1986, he moved to California and founded an employee benefits firm, responding to the need for financial services for Southern California 's rapidly growing population. He later launched an additional business as a securities broker/dealer specializing in retirement plans.
While in California , Barreto served as Chairman of the Board for the Latin Business Association in Los Angeles and also founded a small business institute that provided technical assistance, education and development opportunities to small businesses.
Barreto has received numerous acknowledgements for his contributions to America 's small-business community including the U.S. Congress, the National Black Chamber of Commerce, U.S. Pan Asian American Chamber of Commerce, Women's Business Enterprise Council, the JC & Frankie Watts Foundation and the Minority Business Entrepreneur Magazine. Recognized by Hispanic Business magazine as one of America 's "100 Most Influential Hispanics," Barreto has also been praised by the Latino Coalition for being a role model to Latino youth, and the Hispanic College Fund has commended his leadership in advancing Hispanic businesses.
Barreto and his wife, Robin, have a son and two daughters.
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