Karen Mills
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Karen Gordon Mills (born September 14, 1953) is an American businessperson and former government official who served as the 23rd Administrator of the U.S.
Small Business Administration The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...
(SBA). She was nominated by President-elect
Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the U ...
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 inclusion in the President's cabinet meetings. On February 11, 2013, she announced her resignation as Administrator and left the post on September 1, 2013. Since leaving the SBA, Mills has served as a Senior Fellow at
Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
and Harvard's
John F. Kennedy School of Government The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
. She is the president of the investment firm MMP Group, Inc., the vice chairman of the board of directors of the immigration services company Envoy Global, and a regular contributor to ''
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'' and other publications. She is the author of ''Fintech, Small Business & the American Dream''.


Early life

Mills is the daughter of Ellen (née Rubin), the CEO of Tootsie Roll since 2015, and
Melvin Gordon Melvin Gordon III (born April 13, 1993) is an American football running back for the Kansas City Chiefs of the National Football League (NFL). He played college football at Wisconsin, and was drafted by the San Diego Chargers in the first roun ...
, the president and CEO of
Tootsie Roll Industries Tootsie Roll Industries is an American manufacturer of confectionery based in Chicago, Illinois. Its best-known products include the namesake Tootsie Rolls and Tootsie Pops. Tootsie Roll Industries currently markets its brands internationally in ...
from 1962 until 2015. She holds an AB in economics from
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...
and an
MBA A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
from
Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
, where she was a Baker Scholar.


Career

During the 1980s and 1990s, Mills invested in and managed several small manufacturing firms throughout the country, including producers of hardwood flooring, refrigerator motors, and plastic injection molding. Before becoming SBA Administrator, Mills served as president of the private equity firm MMP Group, a firm focused on growing businesses in areas such as consumer products, food, textiles, and industrial components. Prior to MMP, she was a founding partner and managing director of Solera Capital, a venture capital firm based in New York City which invested in many women-owned firms, such as natural food producer Annie's. In 2007, former Maine Governor
John Baldacci John Elias Baldacci (born January 30, 1955) is an American politician who served as the 73rd Governor of Maine from 2003 to 2011. A Democrat, he also served as a member of the United States House of Representatives from 1995 to 2003. During hi ...
appointed her to chair the state's Council on Competitiveness and the Economy, which was focused on rural and regional development. She also served on the state's Council for the Redevelopment of the Brunswick Naval Air Station. Previously, she has worked as a
management consultant Management consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives. Organizations may draw upon the services of management consultants ...
in the US and Europe for
McKinsey and Co. McKinsey & Company is a global management consulting firm founded in 1926 by University of Chicago professor James O. McKinsey, that offers professional services to corporations, governments, and other organizations. McKinsey is the oldest and ...
, and as a product manager for General Foods, and has served on the boards of directors for Scotts Miracle-Gro and Arrow Electronics.


Clustering

Mills is an advocate for regional innovation clusters—geographic groupings of related industries (such as tech companies in Silicon Valley) that can share resources, ideas, and human capital. In 2005, Mills became involved with the effort to create new jobs following the closing of the Brunswick Naval Air Station. She helped organize the North Star Alliance, a partnership between local boat builders, composite material manufacturers, and researchers at the University of Maine, which has helped increase the global competitiveness of Maine's boat building and composite industries. She went on to organize the creation of a specialty foods cluster in Maine, with specialty producers, such as Peak Organic Beer, taking advantage of Maine's local agriculture. In 2007 she was appointed chair of Maine's Council on Competitiveness and the Economy, where she focused on attracting investment in regional industries and rural areas of Maine. Drawing on her experience working with regional innovation clusters, Mills authored a paper on the subject for the
Brookings Institution The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in ec ...
in April, 2008.


US Small Business Administration

Created in 1953, the
Small Business Administration The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...
operates in four key areas: expanding access to capital, increasing government contracting opportunities, entrepreneurial development, and disaster relief. The agency gained a higher profile under President Obama, who made small businesses a cornerstone of his effort to revive the economy in the wake of the Great Recession. Mills, a democrat, was confirmed as Administrator of the SBA at a critical time in early 2009 when the small business lending market had ground to a halt, including SBA-backed lending. She oversaw implementation of key provisions of President Obama's American Recovery and Reinvestment Act of 2009, including the waiving of fees on SBA-backed loans and increasing the agency's government guarantee on loans made by private sector lenders. The impact of these provisions were immediate with average weekly loan volume increasing by more than 60 percent. Leveraging bipartisan support for America's small businesses, Mills led efforts for the passage of the Small Business Jobs Act of 2010, which was referred to at the time as the most significant piece of small business legislation in more than a decade. Among other things, the Act extended the successful Recovery Act loan provisions, raised the maximum size of SBA-guaranteed loans, expanded opportunities for small businesses competing for federal contracts, created the State Trade and Export grant program, provided $50 million in additional funding for Small Business Development Centers, and strengthened the agency's oversight and enforcement tools. Under Mills, SBA also launched the Impact Fund pilot program, under the agency's Small Business Investment Company program, with the goal of capitalizing investment funds that seek both financial and social return, as well as its first regional clusters initiative. In January 2012, the position of Administrator of the SBA was elevated to the rank of Cabinet-level officer, expanding Mills' power on policy decisions and granting her access to cabinet meetings. On February 11, 2013, she announced that she would resign as Administrator of the SBA, with President Obama saying that; "because of Karen's hard work and dedication, our small businesses are better positioned to create jobs and our entire economy is stronger." Mills left her position at SBA on September 1, 2013. She received praise for her leadership of the agency from the lending industry because of her work to tackle outdated regulations, bureaucracy and strengthening and simplifying the agency's core loan programs. During her tenure, the agency supported more than $106 billion in lending to more than 193,000 small businesses, including two record years of SBA-backed lending and three record years of investments made through the Small Business Investment Company program. Additionally, in federal fiscal years 2011–13, $286.3 billion in federal contracts were awarded to small businesses, which was $32 billion more than the three previous years.


Post-SBA work

Since leaving the SBA, Mills has served as a Senior Fellow at the
Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
and was previously a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the
Harvard Kennedy School The Harvard Kennedy School (HKS), officially the John F. Kennedy School of Government, is the school of public policy and government of Harvard University in Cambridge, Massachusetts. The school offers master's degrees in public policy, public ...
. In July 2014, she released ''The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game'', which looked at the structural and cyclical contributors to the severity of the credit crunch following the 2008–2009 recession and the slow recovery of the small business lending markets. It also examined the rapid growth, trends and impact of online lenders focused on the small business market. In November 2016, she co-authored ''The State of Small Business Lending: Innovation and Technology and Implications for Regulation'' Additionally, at HBS she has contributed research and recommendations on the link between entrepreneurship and middle class opportunity, including in the September 2015 U.S. Competitiveness project reports ''The Challenge of Shared Prosperity'' and ''Growth and Shared Prosperity.'' In both reports she authored sections considering the impact of the declining rate of new business startups on issues like income inequality and economic mobility, and offered recommendations on how to increase startup rates through a combination of policies focused on access to capital, skills training and the creation of entrepreneurial ecosystems. She is also a member of the Milstein Commission on Entrepreneurship and Middle Class Jobs at the
University of Virginia The University of Virginia (UVA) is a Public university#United States, public research university in Charlottesville, Virginia. Founded in 1819 by Thomas Jefferson, the university is ranked among the top academic institutions in the United S ...
's
Miller Center The Miller Center is a nonpartisan affiliate of the University of Virginia that specializes in United States presidential scholarship, public policy, and political history. History The Miller Center was founded in 1975 through the philanthrop ...
and a contributor to the commission's January 2015 report ''Can Startups Save the American Dream?'' which proposed a series of "practical, meaningful measures that can generate consensus and advance America's startup community in service of the middle class." She is a chair of the advisory committee for the Private Capital Research Institute, co-Chair of the
Bipartisan Policy Center The Bipartisan Policy Center (BPC) is a Washington, D.C.–based think tank that promotes bipartisanship. The organization aims to combine ideas from both the Republican and Democratic parties to address challenges in the U.S. BPC focuses on iss ...
's Main Street Finance Task Force, a member of the
Milken Institute The Milken Institute is an independent economic think tank based in Santa Monica, California with offices in Washington, DC, New York, Miami, London, Abu Dhabi, and Singapore. It publishes research and hosts conferences that apply market-based p ...
's Fintech Advisory Committee, and serves on the board of directors of the
National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic c ...
. In 2013, Mills also returned to her position as president of MMP Group, Inc., a firm that has invested in businesses in consumer products and services, food, textiles, and industrial components, and is the vice chairman of the board of the immigration services company Envoy Global. She also served on the board of the Maine Technology Institute, a nonprofit that invests in local technology companies and innovative small businesses. She is a member of the
Council on Foreign Relations The Council on Foreign Relations (CFR) is an American think tank A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, mi ...
and previously served as a vice chairman of the
Harvard Board of Overseers The Harvard Board of Overseers (more formally The Honorable and Reverend the Board of Overseers) is one of Harvard University's two governing boards. Although its function is more consultative and less hands-on than the President and Fellows of Harv ...
, the older, more consultative, and larger of the two Harvard governing bodies. In 2014, she was elected to fill a vacancy in the
Harvard Corporation The President and Fellows of Harvard College (also called the Harvard Corporation or just the Corporation) is the smaller and more powerful of Harvard University's two governing boards, and is now the oldest corporation in America. Together with ...
(made up of the President and Fellows of Harvard College), the University's smaller governing body that is its principal fiduciary authority. She is also the recipient of the U.S. Navy's Distinguished Public Service Award and a regular contributor to
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...
and other publications, writing primarily on the economy, small business and entrepreneurship.


Published works


Books

* ''Fintech, Small Business & the American Dream'' (Boston, MA: Palgrave Macmillan, 2018).


Papers

* A New Categorization of the U.S. Economy: The Role of Supply Chain Industries in Innovation and Economic Performance, by Mercedes Delgado and Karen G. Mills (October 9, 2017) * The State of Small Business Lending: Innovation and Technology and Implications for Regulation, by Karen G. Mills and Brayden McCarthy (November 2017) * Growth & Shared Prosperity, by Karen G. Mills, with Contributions from Joseph B. Fuller and Jan W. Rivkin (September 2015) * The Challenge of Shared Prosperity, by Jan W. Rivkin, Karen G. Mills, and Michael E. Porter, with contributions from Michael I. Norton and Mitchell B. Weiss (September 2015) * The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game, by Karen G. Mills and Brayden McCarthy (July 2014) * Clusters and Competitiveness: A New Federal Role for Stimulating Economies, by Karen G. Mills, Andrew Reamer and Elisabeth B. Reynolds (April 2008)


Personal life

She is married to Barry Mills, who served as president of
Bowdoin College Bowdoin College ( ) is a private liberal arts college in Brunswick, Maine. When Bowdoin was chartered in 1794, Maine was still a part of the Commonwealth of Massachusetts. The college offers 34 majors and 36 minors, as well as several joint eng ...
from October 2001 to July 2015, and has three sons.


References


External links

* {{DEFAULTSORT:Mills, Karen 1953 births 21st-century American politicians Administrators of the Small Business Administration American management consultants American venture capitalists Harvard Business School alumni Living people McKinsey & Company people Obama administration cabinet members American women investors Women members of the Cabinet of the United States 21st-century American businesswomen 21st-century American businesspeople 21st-century American women politicians