Personal Financial Criteria for a Woman-Owned Business

• A woman's personal financial profile is an important criterion.Jupiterimages/Comstock/Getty Images
  
  To acquire a small business loan a woman must have a strong personal financial history. She will need a good credit history and FICO score of over 700. Her personal financial statement should show monthly income sufficient to cover all expenses, along with a statement of personal assets and liabilities. A lender may require personal collateral to secure a business loan, as well as a personal guarantee that makes her personal financial strength an important criterion.
  
  

Educational and Work History

• A woman's educational attainment is considered by lendersJupiterimages/BananaStock/Getty Images
  
  Educational attainment is an important criterion for a woman, as it shows not only good reasoning ability but commitment to completing objectives. College degrees have become increasingly important in today's world. Her work history is strong if it does not reveal any jobs that were terminated by a company for poor performance or violating company policies. Her reason for leaving should reveal a choice to pursue higher goals. A woman should be able to document all education and work experiences with contact phone numbers and names.
  
  

The Business Plan

• While a woman's personal finances are important criterion, her business plan is crucial. She must prepare a document that indicates her long-term goals for the business and write a clear description of her product, indicating the market niche that differentiates it from the competition.
  
  She must understand her market by providing information regarding market size and growth potential, the competition and her customer characteristics.
  
  Past and projected business financial statements must be developed to show past business profitability and how she proposes to expand her business in the future. The financial statements should include business income and balance sheet documents. A balance sheet shows business assets, debts and owner equity. Her owner equity is an important criterion since it reveals how much of her money is invested in the business.
  
  

Assistance With Presenting Business Loan Information

• A woman business owner may find some loan information regarding criteria difficult to research and organize. The U.S. Small Business Administration provides a nationwide network of Small Business Development Centers to assist women small business owners in getting loans. The centers provide special programs for women owned businesses. A center counselor, whose services are free, will meet with her, evaluate her special circumstances, assist in the difficult parts of a business plan, market analysis and financial projections, and help her find an appropriate lender.