As the fearless Annie Oakley belts out to her heartthrob Frank in the classic musical Annie Get Your Gun, "Anything you can do, I can do better."

Women business owners may have come a long way in validating Annie's fighting words. But, one area in which even adventurous women entrepreneurs still have a long way to go is getting comfortable with corporate money: How to own it, and especially - how to owe it.

A recent study by the Center for Women's Business Research shows that, even among the fast growing small businesses in America, women owners are far less likely than their male counterparts to take on corporate credit lines or cede equity ownership to outside investors.

What they were more apt to do was to use their personal credit cards to bootstrap their businesses.

This study of fast-growth businesses known as "gazelles"- or businesses that have grown by at least 30 percent in revenue or employment over the last three years - measured the differences between fast-growth and slower-growing firms, as well as the difference between women "gazelles" and men "gazelles."

The good news from the report was that women business owners already recognize that accessing capital is an important issue for them. More disconcerting was the finding that all women-owned businesses - even the "gazelles" - are still lagging behind men in securing capital and using it to grow.

This is a call to action on both sides of the capital equation.

Women business owners need to understand, and pursue, financing options to accelerate their growth sooner, and financial institutions need to offer them these options earlier in their life cycle - when they actually need them.

Sharon Hadary, executive director for the Center for Women's Business Research and seasoned observer of trends among women entrepreneurs, says it this way: "Women need knowledge and access to capital so they can make the choice to grow."

The barriers to women's access to equity capital are well documented.

Cracking the venture capital network remains a formidable challenge for women business owners, with fewer than 4 percent of all venture capital funds flowing their way. Many banks are working to overcome this by supporting women-oriented venture funds and organizations like the Springboard venture capital fairs, through which women have secured hundreds of thousands of the elusive venture capital dollar.

But, how do we explain women's aversion to corporate debt?

Based upon my experiences counseling thousands of successful women business owners over the years, I would describe women entrepreneurs as among the most creative thinkers, empathetic managers, ethical partners, and courageous risk-takers around. But, when these exemplary women are asked about corporate debt, they invariably answer, "I haven't used it."

The Center for Women's Business Research study validates this observation among even the fastest-growing firms. Only 39 percent of fast-growth women have a commercial bank loan, as compared with 52 percent of the fast-growth men. When they do borrow, 32 percent of fast-growth women used personal credit cards to finance their firms, versus only 21 percent of the fast-growth men.

At the Women Entrepreneurs' Connection at FleetBoston Financial, we have spoken with many established women business owners who pride themselves on never having had to borrow: "I don't like to owe more than I can pay back quickly." "I am very conservative when it comes to debt."

We also have heard what to many seems the inevitable conclusion: "I think men are just better at asking for money."

Perhaps this hesitancy is due, at least in part, to women's troublesome experiences with credit.

Typically, when a woman starts her business, she has no track record with which to obtain a loan. She funds her firm with family loans or personal credit cards, encountering the inevitable cash flow crises along the way. Two years later, when a bank is ready to talk to her, her personal credit record may be less than stellar, making traditional financing difficult.

We believe that women-owned businesses - and men-owned as well - deserve a more simplified journey to growth through debt leverage.

Short applications, quick loan response turnaround, and the opportunity to borrow as early as six months after the start of business based upon the owner's personal credit history are just some of the loan characteristics women need to persuade them to fund their growth through corporate loans or credit lines.

The federal government, through the U.S. Small Business Administration (SBA), also has done its part by providing SBA loans to all categories of applicants, including women, minority and veterans, on a streamlined basis. More lenders need to ensure that they are prepared to access these programs.

The key for many women in getting up the nerve to borrow big may simply be to meet other "gazelles" who have done it. By introducing high-ranking women business owners into peer mentoring groups, we have seen them conquer their fear of owing money.

As one gutsy CEO of a promising accessories company recently told me after she had discussed leverage with a successful woman retailer, "I got my line of credit and began to sleep at night. Now, my business is poised to grow by 25 percent this year."

OK, Annie, it's time to take that lasso and rope in the money.

TERI CAVANAGH is senior vice president and director of the Women Entrepreneurs' Connection at FleetBoston Financial. Contact the Connection at 800-FLEET-BIZ (800-353-3824).