Business

SBA chief says she’ll step down

Karen Mills

Karen Mills

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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 it had lost during the Bush administration. Mills has served as SBA administrator since April 2009. Mills says she will remain in her position until a successor is appointed by President Obama and confirmed by the Senate. Mills joined the SBA as the United States was in recession and suffering from the consequences brought on by the financial crisis.

Under Mills’s leadership, the SBA streamlined its loan process, shortening its application and the amount of time it takes for approval.

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