NEW YORK – Karen 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. The agency also regained its status as a Cabinet-level agency with Mills at the helm – a status is had lost during the Bush administration. Mills says she will remain in her position until a successor is appointed by President Obama. She joins a number of officials – including former Secretary of State Hillary Clinton – to leave the administration. Many high-level officials leave the government after a president’s first term.