That's why these programs tailored to women business owners are so important. Whether you're a startup or an existing business, you must have a good personal-credit history. Loan programs look very closely at this. While blemishes such as slow payments or collections don't automatically disqualify you, it may make it more difficult to qualify. If you've had significant problems in the past 10 years, you'll need to do some credit repair.
Women tend to have bad credit for reasons that are often out of their control.
For example, divorced women are often penalized for bad credit or a bankruptcy that was the ex-husband's responsibility. Also, make sure your personal and business income taxes are paid up. It's important to build up a banking relationship so that the institution knows you and your needs when it comes time to apply. Have your local bank handle your business-banking needs, so that you can establish a record with them. From the beginning of your business, keep good financial records.