SBA Chief Karen Mills Names Temporary Successor
Small Business Administration head Karen Mills has named Jeanne Hulit as acting Administrator when Mills steps down at the end of August.
Hulit, who is currently the SBA's Associate Administrator in the Office of Capital Access, will replace Mills immediately upon her departure and until a new Administrator is named and confirmed by the Senate.
In a letter sent to SBA staff Tuesday, Mills commended Hulit for helping the SBA streamline and simplify its loan programs, as well as expand access to lending.
"For the past four years Jeanne has been an important leader at the SBA both in the field and here at headquarters, serving first as Region 1 Administrator before leading the critical Office of Capital Access during a time when the agency saw two record years of delivering capital into the hands of more small business owners and entrepreneurs than ever before," Mills said in the letter.
Mills guided the administration through the worst parts of the Great Recession, turning its guaranteed lending programs around after bank lending from its flagship 7(a) program was sliced in half, to achieve two record years in 2011 and 2012, with more than $30 billion in 7(a) loans winding up in small business hands. Mills also spearheaded efforts to get smaller banks lending to entrepreneurs again, including with programs that got emergency microloans to small business owners.
Mills, a protégé of management guru and Harvard Business School professor Michael Porter, will head to Harvard to lead the U.S. Competitive Project and the entrepreneurship program at Harvard Business School and Harvard’s Kennedy School of Government.