Karen Mills
Karen Mills
Karen Gordon Millsserved as the 23rd Administrator of the U.S. Small Business Administration. She was nominated by President-elect Barack Obama on December 19, 2008, confirmed unanimously by the Senate on April 2, 2009, and sworn in on April 6, 2009. During her tenure, her office was elevated to the rank of Cabinet-level officer, expanding her power on policy decisions and granting her access to cabinet meetings. On February 11, 2013 she announced resignation as Administrator and left the post on...
NationalityAmerican
ProfessionPublic Servant
Date of Birth14 September 1953
CountryUnited States of America
access believe billion businesses credit heard people small surprised survived traveled word
As I've traveled around the country, it has surprised me how many times I've heard people in small businesses use that word 'saved.' I believe many small businesses would not have had access to credit and would not have survived without the $50 billion that we were able to put into the market.
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This is not a zero-sum game. We know that if we provide access and education, particularly where there are gaps in the market, we will create more jobs, we will create more growth, and we will create more activity in the U.S. market, which will be good for our economy.
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I think we've learned that the S.B.A. plays a critical role in providing access and opportunity when the market is not providing that access. We help banks get that money out into the hands of important and viable businesses, particularly those owned by minorities, women, immigrants and veterans.
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The S.B.A. does not lend directly to businesses, but instead backs loans to encourage banks to invest in small businesses as part of a nearly $90 billion portfolio.
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We've gotten tremendous support. Everybody now understands how critical it is to help small businesses get out of this recession and into recovery.
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The 2009 stimulus law got the ball rolling, allowing the agency to reduce and eliminate fees and raise loan guarantees to 90 percent of the total. I knew that we had the opportunity to use S.B.A. products to fill that gap in a rapid manner, as we ended up doing in the Recovery Act.
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One of the most important things we hear is the S.B.A. needs to be ubiquitous. We do all these things, but people still don't know.
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We spend a great deal of our energy making sure that small businesses have help in navigating to the outcomes that they want.
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If you want to have prosperity here, we really have to see our small businesses able to grow and compete around the world.
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We really accomplished what we set out to do with the Recovery Act programs, which was to fill the lending gap created by the crisis.
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We have to keep the momentum going in the economy. And we have to make sure that we give small businesses as much cash and liquidity as possible so they have the confidence to hire that next worker.
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This has always been a small agency with a big mission. But these days, especially, we have to stand up every day, deliver value into the hands of small-business owners and get taxpayers the biggest bang for their buck so that we can help these job creators do what they need to do.
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Our economy creates and loses jobs every quarter in the millions. But of the net new jobs, the jobs come from small businesses: both small businesses on Main Street and many of the net new jobs come from high growth, high impact businesses that are located all across the country.
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One of the most important tools we have at the Small Business Administration (SBA) to reach high growth entrepreneurs is the Small Business Investment Company (SBIC) program.