|| Karen Mills, SBA Administrator
since 2009, plans to step down
from her post once a successor
Feb. 13, 2013 – Karen Mills on Monday announced plans to leave the top position at the Small Business Administration, where she has spent the past four years working with NAFCU and others to expand the availability of small-business credit and build the SBA’s portfolio to nearly $90 billion.
NAFCU has worked with Mills throughout her tenure as SBA administrator to win increases in SBA 7(a) loan guarantees through greater credit union involvement in SBA’s loan programs.
“Administrator Mills has been very supportive of credit unions, working to make it easier for credit unions to deliver credit to their small-business members and, in turn, help grow the economy and create jobs,” said NAFCU President and CEO Fred Becker. “We thank her for her service to the country and wish her all the best in her future endeavors.”
Credit unions can work with the SBA to maximize their small-business lending. Credit unions’ member business lending authority is capped by statute to 12.25-percent-of-assets. Every loan dollar a credit union issues that is backed by the SBA is excluded from that cap.
Mills said she would remain as SBA administrator until a new administrator is confirmed.
NAFCU has met with Mills on numerous occasions to discuss ways to expand credit unions' participation in SBA's small-business loan programs. Last fall, she penned an opinion piece for Credit Union Times that described credit unions’ growing role in helping small businesses and said the SBA was seeking to increase that. She said expanding credit union lending “can ensure that more small businesses have the type of partnership that is needed to build successful businesses that serve as anchors of our communities and create good jobs in our neighborhoods.”