Obama Expected to Name Karen Gordon Mills to Lead SBA

Karen Gordon Mills is expected to be named by President-elect Obama as the new head of the Small Business Administration this afternoon, according to sources.

Mills is president of MMP Group, a private equity investor and adviser since 1993. From 1999 to 2007 she was founding partner and managing director of Solera Capital, a New York based venture capital firm. She is lead director of Scotts Miracle-Gro. Her husband is president of Bowdoin College.

She has been part of the president-elect's SBA transition team.

Obama is expected to announce the nomination officially this afternoon, but Sen. Olympia Snowe of Maine, the top Republican on the Senate's Small Business and Entrepreneurship Committee, already has released a statement congratulating Mills.

"Karen has a tremendous background in venture capital and lending, which will prove beneficial during these times in which small enterprises require every tool at their disposal to create new jobs," she said.

By Sharon McLoone |  December 19, 2008; 12:26 PM ET Policymakers
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