Small business agency head Mills to leave Obama administration

Karen Mills is leaving her post as head of the Small Business Administration, opening yet another Cabinet-rank job for President Obama to fill at the start of his second term. Obama says Mills played a leading role supporting start-up businesses and entrepreneurs.

Mills has served as SBA administrator since 2009.

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.

Mills is the latest executive branch official to leave during the traditional turnover at the beginning of a second term.

In a statement Monday, Obama credited Mills with helping businesses recover from the damaging recession.