Small-business confidence has reached an all-time high in the U.S. despite several challenges facing the sector, Maria Contreras-Sweet, administrator of the U.S. Small Business Administration, said Monday.
Small businesses "are generating 2 out of 3 net new jobs," Sweet told CNBC's "Squawk on the Street." "It's a movement; it's a new awakening [spreading] from young girls, millennials, to hard-core entrepreneurs. Everybody's thinking about starting their own business today."
Sweet added that one of the largest challenges faced by small-business owners is acquiring capital. "Lamentably, some of the larger financial institutions have not been doing the small-business lending," she said.
Nevertheless, she also said the agency has taken several steps in order to help out these entrepreneurs.
One of these is recruiting more credit unions and alternative lenders to provide loans for small businesses. Another measure is the exclusion of fees on SBA loans greater than $150,000. Lastly, the agency has launched an initiative to streamline the application process for small businesses.