SBA head Karen Mills resigning

Monday - 2/11/2013, 1:18pm EST

Karen Mills, the head of the Small Business Administration, is resigning.

In a note to staff, Mills announced she would step down as administrator after a successor is confirmed "to ensure a smooth and seamless transition."

Mills cited the agency's efforts to steer more than $106 billion in lending to nearly 200,000 small businesses over the last four years.

Karen Mills

"Together, we got capital into the hands of small business owners and entrepreneurs when they needed it most," Mills said. "We streamlined and simplified SBA programs, in some cases taking more than one hundred pages of paperwork out of the applications for some of our loan products. We brought more than 1,000 community banks back to SBA lending, opened our loan products to more mission-based lenders to reach communities hardest hit and secured a $20 billion commitment from 13 banks to increase their small business lending over a three-year time frame."

In a statement, President Barack Obama praised Mills' tenure at the agency.

"I asked Karen to lead the Small Business Administration because I knew she had the skills and experience to help America's small businesses recover from the worst economic crisis in generations — and that's exactly what she's done," Obama said. "Over the last four years, Karen has made it easier for small businesses to interact with the federal government by reducing paperwork and cutting through red tape. She has played a leading role in my administration's efforts to support start-ups and entrepreneurs."

As part of Obama's plan to reorganize and consolidate several business and trade-related agencies, he elevated the SBA to a Cabinet-level agency last January on an interim basis.

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