Earlier this week, Karen Mills stepped down as the head of the Small Business Association. A former banking and private equity leader, Karen stepped into the role during a period of high increased exposure for small businesses. She led a team of 3,000 employees and supervised a portfolio of over $90 billion in loan guarantees. The President has not yet named her successor.
The new SBA Administrator will be responsible for implementing the President’s second term agenda for job creation and innovation. If there was a take away in last night’s State of the Union Address, it’s that the time for bold action and less rhetoric is now. The president laid the foundation of what he envisions to come in the next term, and outlined many reforms that can help to improve the capacity and character of our nation. The SBA has the responsibility to be an advocacy group and central hub for small business activities as well as an administrator of the SBA’s loan programs. In keeping with the President’s vision for his next term, the SBA must also seek to consolidate its programs and work together with other government agencies. In an Inc. report earlier this week, Bill Murphy reported that the US Government Accountability Office reported that the SBA has 52 overlapping entrepreneurship programs with other government agencies. It will be on the shoulders of the new SBA leader to continue to work towards streamlining these government programs under one umbrella while at the same time expanding capital access for small businesses.
At BoeFly, we always like to ask what this means for small businesses. The good news is, whoever the newly appointed SBA leader is, the SBA’s loan programs will remain unchanged. However, a new appointee with strong credentials and character could help spur the organization to new heights.
Read more at SBA.gov