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SBA head Mills to leave Obama administration

Monday - 2/11/2013, 8:54pm  ET

FILE - In this Tuesday, May 10, 2011, file photo, Karen Mills, of the small business administration, participates in a discussion, in Dayton, Ohio. On Monday, Feb. 11, 2013, Mills, the head of the Small Business Administration as it focused on helping small companies recover from the Great Recession, is stepping down. Under her leadership, the SBA brought more than 1,000 community banks to its lending programs and it won a commitment from 13 big banks to increase their lending to small businesses over three years. (AP Photo/Al Behrman, File)

WASHINGTON (AP) -- Karen Mills is leaving her post as head of the Small Business Administration, opening yet another Cabinet-rank job for President Barack Obama to fill at the start of his second term. Obama says Mills played a leading role supporting start-up businesses and entrepreneurs.

Mills has served as SBA administrator since 2009.

The SBA arranges loans, loan guarantees and other assistance to small businesses. Most recently, the SBA stepped in to assist businesses hurt by Superstorm Sandy, approving more than $1.1 billion in disaster loans to residents and businesses in states affected by the storm.

Mills is the latest executive branch official to leave during the traditional turnover at the beginning of a second term.

In a statement Monday, Obama credited Mills with helping businesses recover from the damaging recession.


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