There was just an article in last months veterinary magazine at my work describing a growth that looks very similar if not just like that one. I can't remember the name of the growth but they are generally easy to remove. Or at least easy if you use the technique that the magazine listed. They pretty much just cut around the growth (if I remember right some sort of dental tool works best actually) and then you kind of pull it out of the pad. Almost like a wart or the like, the growth kind of has a root to it. I don't have much internet access at all but if I can I will get the info from work & email it to you. I can't promise it though, sorry. Generally they are harmless (non-cancerous) although they can cause your pet discomfort.
I'll try my best to find the article & get it to you. Good luck!