Sian, who is associated with The Finney Law Firm, toils in the areas of contracts, business developments and real estate, while the firm also handles small business matters. According to Sian, “Lenders will also look at your debt and what type of loans you already have. The lender needs to be assured the business can repay all its debts.”

A recent article on Small Biz Trends highlighted some of the top mistakes a small business owner should avoid when seeking a loan for their enterprise. For example, prior to seeking credit, a small business owner should:

• Not max out their credit cards
• Cooperate fully with the lender during the application process, including providing pertinent information
• Read the lending contract carefully, including the Fine Print
• Apply with several lenders to compare interest rates and terms
• Sian also suggests that small business owners should consult with smaller community banks, not just the larger outfits. “They tend to be happy to serve small business and be small-business friendly,” he says.

Even if an entrepreneur follows all the suggestions offered by the pros, there’s still the reality of the 2008 banking crisis when small business lending dried up. Fortunately, says Sian, the status of today’s credit market is “not as bad as it was in 2008 if it’s for a business.” However, he says, if funding is being sought to purchase real estate to remodel and flip, for example, “that credit is still tight, but not as bad” as it was during that banking crisis.

Don’t forget to check with the Small Business Administration. Its web site is overflowing with a wealth of information regarding loans and ways to fund a business. And, says Sian, it’s an excellent resource if an entrepreneur happens to belong to a “specialty or minority group because there may be programs aimed at” that target group.

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Tami Kamin Meyer is an Ohio attorney and writer. She tweets as @girlwithapen.