WASHINGTON (AP) — The U.S. Senate on Wednesday confirmed Kelly Loeffler, a Georgia businesswoman and former senator, to lead the Small Business Administration, returning a stalwart supporter of President Donald Trump to Washington.
At SBA, Loeffler will oversee the entity that describes itself as the only Cabinet-level federal agency “fully dedicated to small business” by providing “counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.” Typically, the agency — which was founded in 1953 — offers Economic Injury Disaster Loans to help meet working capital needs caused by a disaster, loans that can be used to pay fixed debts, payroll, accounts payable and other expenses that would have been met if not for the disaster.
The Senate confirmed Loeffler on a 52-46 vote.
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Loeffler’s confirmation also adds another Cabinet member of significant wealth to the billionaire president’s second administration. Loeffler — a former WNBA owner and executive who during her brief stint on Capitol Hill was the Senate’s wealthiest member — is married to Jeffrey Sprecher, CEO of Intercontinental Exchange, the publicly traded firm that owns the New York Stock Exchange.
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