Karen Mills, who has been head of the Small Business Administration since 2009, is stepping down from her post.
The SBA arranges loans, loan guarantees and other assistance to small businesses. Most recently, the SBA stepped in to assist businesses hurt by Superstorm Sandy, approving more than $1.1 billion in disaster loans to residents and businesses in states affected by the storm.
Politico says Mills will be staying put until a new person is appointed to the spot, which is Cabinet-level. President Obama gives Mills credit for helping with passage of the Small Business Act and playing “a leading role in my administration’s efforts to support start-ups and entrepreneurs.”
Secretary of State Hillary Clinton and Department of Labor Secretary Hilda Solis are among the other administration members who are stepping down for Obama’s second term.