WASHINGTON (2/12/13)--Karen Mills said Monday that she will not stay on for a second term as administrator for the U.S. Small Business Administration (SBA).
"Karen Mills has been a strong advocate for small business throughout the financial crisis and now as the economy begins to improve," said Credit Union National Association Deputy General Counsel Mary Dunn. "In light of the important role that credit unions play in serving small business, we applaud the SBA's efforts during her tenure to support small business interests."
Mills announced her resignation in a letter to SBA employees, which was posted to the agency website. She told her staff that she intends to stay on as head of the agency until a successor is confirmed to "ensure a smooth and seamless transition."
"Four years ago, when I arrived at the SBA, America's small businesses and entrepreneurs were struggling in the face of the worst economic environment since the Great Depression - and a banking sector that was frozen.
"Together, we rolled up our sleeves and went to work. And from day one, each of you stepped up and fulfilled the mission of what the Agency was created to do. And you should be proud because our accomplishments are significant."
During Mills' tenure, SBA administrator has been raised to a Cabinet-level position.
Mills said in her staff communication that over the last four years, SBA supported more than $106 billion in lending to more than 193,000 small businesses and entrepreneurs. That, she said, included two record years of delivering over $30 billion annually in loan guarantees.