Donald Trump picks donor Kelly Loeffler for small business administration

By Lauren Dezenski  President-elect Donald Trump said he is nominating former US Senator Kelly Loeffler to serve as administrator of the Small Business Administration, enlisting a prominent ally and donor for a post in his second term. 

“Kelly will bring her experience in business and Washington to reduce red tape, and unleash opportunity for our Small Businesses to grow, innovate, and thrive,” Trump said in a post on his Truth Social platform on Wednesday. “She will focus on ensuring that SBA is accountable to Taxpayers by cracking down on waste, fraud, and regulatory overreach.” 

The SBA is the federal agency responsible for helping “Americans start, grow, and build resilient businesses” according to its website. Its work includes providing loans to small businesses and assistance to companies after disasters. 

 

If confirmed by the Senate, the post would give Loeffler a prominent role in implementing the president-elect’s populist economic agenda, one focused on reducing tax burdens and regulations for businesses.

 

Loeffler, a former Georgia senator, and her husband, Intercontinental Exchange Inc. CEO Jeffrey Sprecher, both helped raise money for Trump’s 2024 reelection bid. Loeffler was also the founding CEO of digital-asset marketplace Bakkt Holdings Inc. 

 

Bloomberg News reported in November that the president-elect’s Trump Media & Technology Group Corp. is in talks to buy Bakkt, according to people familiar with the discussions.

 

Bakkt, which was spun out of Intercontinental Exchange, the parent of the New York Stock Exchange, has been exploring a potential sale for months.

 

During Trump’s first term, former World Wrestling Entertainment executive Linda McMahon and former US treasurer Jovita Carranza served as administrators of the agency. 

 

Trump has tapped McMahon, one of his most prominent supporters in the business community, as the head of the Department of Education.