Small-Business Loans: Still on Offer

"There's no sense in having wildly inaccurate financial projections just based on lack of information about industry norms," says Klotz. "Banks will spot those deficiencies right away."

7. Strengthen your balance sheet or income statement: The goal of many small-business owners is to see how many "perks" they can run through their business, which likely results in reducing net income and lowering taxes. Klotz advises small-business owners looking for a loan to rethink that strategy.

"It could be beneficial for a prospective loan applicant to rethink some of those perks --such as taking a trip combining personal and business reasons -- to show a larger net profit," he says.