On October 16, 2023, Kelly Loeffler was confirmed by the U.S. Senate to become the new Administrator of the Small Business Administration (SBA). Loeffler, a Georgia businesswoman and former senator, was confirmed with a 52–46 vote on February 19, 2025. Her extensive business experience and previous experience in government are expected to shape her leadership of the SBA.
Kelly Loeffler’s Career Background
Loeffler is a first-generation college graduate, having been raised on a family farm in Illinois. She helped launch a Fortune 500 financial services and technology company that she started with her husband, Jeff Sprecher, scaling the business from 100 to 15,000 employees. She was also the founding CEO and first employee of Bakkt, a financial technology company. Additionally, she is a co-owner of the WNBA’s Atlanta Dream.
The Confirmation Process and Senate Discussion
On January 28, 2025, Loeffler appeared before the Senate Small Business and Entrepreneurship Committee for her nomination hearing. She reiterated plans to help ease regulations for small business owners and improve access to SBA-backed loans and grants. One topic that raised eyebrows was her comments on President Donald Trump’s move to pause some federal funds and grants in his effort to end “wasteful spending.” That position resulted in exchanges with committee members, most notably Sen. Ed Markey, D-Mass.
Loeffler’s Charitable Contributions
In addition to seeking to influence conservative policy-making, Loeffler has also publicly pledged to donate her salary as head of the SBA, which has an annual base salary of $207,500, to charity, continuing her status as Philanthropist-in-Chief. Her Senate salary was also donated to more than 40 Georgia charities and nonprofits from 2019 to 2021, supporting causes such as food banks, faith groups, and healthcare organizations.
Support and Opposition
Sen. Joni Ernst, R-Iowa, who chairs the Senate Small Business and Entrepreneurship Committee, strongly supported Loeffler’s nomination, praising her business savvy and commitment to entrepreneurship. Others, including some members of the committee, expressed concern over potential conflicts of interest, and about the freeze on federal funding.
Future Plans for the SBA
As the new SBA Administrator, Loeffler plans to:
- Cut Red Tape: Simplify processes for small businesses to operate.
- Increase Access to Capital: Expand the availability of SBA-backed loans and grants.
- Foster Accountability and Transparency: Implement measures to ensure the responsible use of funds and resources.
- Support Diverse Entrepreneurs: Empower entrepreneurs from all backgrounds, including women and veterans.
FAQ
Who is Kelly Loeffler?
Kelly Loeffler is a business executive and former U.S. senator from Georgia. She helped start a Fortune 500 company in addition to founding the financial technology firm Bakkt.
What does she plan to do with the Small Business Administration?
Loeffler plans to eliminate unnecessary regulations, improve access to capital, boost transparency, and empower diverse entrepreneurs.
Has she committed to donating part of her salary?
Yes, she has promised to donate her annual SBA salary of $207,500 to charity, continuing her tradition of philanthropy.
What were the key issues in her confirmation?
Debate focused on her support for the federal funding freeze and concerns about potential conflicts of interest.
Who supported her nomination?
Sen. Joni Ernst expressed strong support for Loeffler, praising her as a business giant who will help small businesses.
We encourage readers to share their thoughts on this appointment and its potential impact on small businesses across the country.
