Hector Barreto Jr.
Hector V. Barreto was the 21st Administrator of the U.S. Small Business Administration, confirmed on July 25, 2001. George W. Bush nominated him to the post. He resigned on April 25, 2006 following a controversial tenure as SBA chief.
Early life, family, and career
The son of Mexican immigrants, Barreto 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. After receiving his bachelors degree in business administration 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. 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. Immediately before being nominated to his current post by the President, Barreto was himself a business owner, as well as being Vice Chairman of the board for the U.S. Hispanic Chamber of Commerce.
Barreto and his wife, Robin, have a son and two daughters.
Administrator of the SBA
In July 2001, Hector Barreto was unanimously confirmed by the U.S. Senate as the 21st administrator of the U.S. Small Business Administration. In this capacity, he oversaw the delivery of financial and business development tools to Americas entrepreneurs. With a portfolio of direct and guaranteed business loans and disaster loans worth more than $45 billion, the SBA is the largest single financial backer and facilitator of technical assistance and contracting opportunities for the nations small businesses.
As administrator, Barreto met significant criticism for the Administration's response to the September 11 terrorist attacks. Although the agency oversaw the distribution of over $5 billion to businesses around the country following the attacks, the Associated Press reported that most businesses neither requested nor needed such aid. This was later confirmed by an internal investigation. The SBA was also criticized for the slow response to the Gulf Coast hurricanes of the 2005 Atlantic hurricane season. [1]
On April 25, 2006, Barreto resigned as SBA chief. Steven C. Preston was nominated soon thereafter to replace Barreto. [2]