Movers & Shakers: Karen McHugh, Val DeCola, & Daniel Godfrey
December 4, 2025
by Bob Coleman
Founder & Publisher
Movers & Shakers: Karen McHugh, Val DeCola, & Daniel Godfrey
Karen McHugh Announces Retirement from the SBA Lending Industry After Four Decades
After more than 40 years of dedication to the SBA lending community, Karen McHugh has announced her retirement from the SBA lending industry. A respected leader, educator, and advocate, Karen leaves behind a legacy defined by service, innovation, and a deep commitment to helping lenders and small businesses thrive.
“I’ve always believed that education is the most powerful way to strengthen this industry,” McHugh reflects. “If I leave behind anything, I hope it’s a culture of learning, mentorship, and advocacy that empowers others to continue the work of supporting small businesses across the country.”
Karen began her career in 1984 with a Certified Development Company in East Texas, assisting small businesses in securing commercial loans through the SBA 504 loan program and supporting lenders in preparing SBA 7(a) loan submissions. Her career evolved through community banking and leadership roles, where she developed and managed SBA lending departments, represented lenders on the National Association of Government Guaranteed Lenders (NAGGL) Board of Directors, and became a national voice for lender advocacy and education.
In 1996, Karen joined NAGGL full-time as Director of Education and later served as Chief Operating Officer, overseeing education, membership, conferences, and technical outreach. Following her tenure at NAGGL, Karen launched her own consulting and training firm. She continued to serve the industry through leadership roles with lender service providers and, most recently, as Chief Content Officer and Co-Founder of Shatterbox.
“Working with Karen to build Shatterbox has been one of the most gratifying parts of my career,” says Shatterbox CEO Dustin Baker. “It’s been full circle. She was my boss at NAGGL when I started in SBA, and she is just a ubiquitous name both in SBA and in training. Many of the leaders in our industry would never have learned the business if not for her. We definitely miss her, but her fingerprints are all over what we’ve built. The legacy she leaves behind is unmatched.”
Now retired, Karen resides on the Florida coast with her husband and their sheepadoodle, where she continues to embrace her lifelong calling to guide and mentor others.
“After a lifetime of helping professionals navigate systems and programs, I now help people navigate their own personal complexities,” Karen says. “The Pelican Bridge is about healing, hope, and rediscovering purpose after loss. It’s my next chapter of helping others find their way forward.”
Read the full press release here.
Val DeCola Promoted to Senior Business Program Analyst at TD
Val DeCola has assumed the role of Senior Business Program Analyst at TD, marking the next step in her nearly ten-year career with the bank. DeCola began the position in November 2025 and brings to it a broad background spanning construction services, SBA program operations, and complex project oversight.
“PPP wasn’t just about loans or forgiveness – it was about people. I had the privilege of working alongside dedicated colleagues, guiding customers through uncertainty, and witnessing firsthand the resilience of business owners across the country. That work has shaped me both professionally and personally,” DeCola says.
From April 2020 through November 2025, DeCola served on TD’s SBA Paycheck Protection Program (PPP) Origination and Forgiveness Team. During this period, she supported loan processing, customer guidance, and compliance functions throughout the lifecycle of the PPP initiative. Her work placed her at the center of TD’s response to the needs of small businesses during the pandemic, contributing to both origination operations and the complex, evolving forgiveness processes.
Prior to her PPP work, DeCola spent four years as a Construction Services Coordinator at TD. In that role, she reviewed and monitored commercial construction projects across the United States, gaining foundational experience in project management, risk review, and structured process oversight. With her transition into the Senior Business Program Analyst role, DeCola is now positioned to apply her experience across a broader range of TD initiatives.
Daniel Godfrey Named Senior Vice President of Asset-Based Lending at Milestone Bank
Daniel Godfrey has joined Milestone Bank as Senior Vice President of Asset-Based Lending, bringing nearly 20 years of experience in senior-secured lending, credit management, and nationwide ABL originations.
In his new position, Godfrey will lead the expansion of Milestone Bank’s product offerings to include asset-based lending solutions for small and mid-sized businesses across the country. The platform will focus on traditional B2B industries such as manufacturing, wholesale distribution, and companies managing inventory or accounts receivable. Milestone’s ABL capabilities will include both conventional and government-guaranteed lending options.
Before joining Milestone, Godfrey served as Senior Managing Director at RevTek Capital, where he structured non-dilutive debt solutions for software, technology, and recurring-revenue businesses. Prior to that, he spent more than 18 years at Celtic Bank in a progression of leadership roles within the Asset-Based Lending division.