1. Vague loan purpose, loan amount and projected benefits. If you are unclear or vague about the size, purpose and projected benefits of the loan, your credibility with the lender will take a small hit.

2. Lack of persistence. Just because one lender turns you down doesn't mean they all will. If you get declined on your first attempt, don't give up.

3. Not speaking the language of the lender. It's easier to get a loan approved when you speak and understand the language of the lender. Read a book on banking and finance and learn a little bit about the loan jargon.

4. Being reactive, not proactive. Plan your financing needs well in advance, and approach the lender a good three to four months before you need the money. By doing this, the lender will view you as a careful planner and conscientious steward of the bank's money.

5. Unrealistic or non-existent projections. In order to prove your company's ability to pay your loan request back, you must provide detailed REALISTIC projections on future sales, profits and cash flow levels.

6. Poor quality or dated financial statements. Poor financials will cause lenders to question the current financial condition of your company.

7. Poor or non-existent business plan or loan package. A well thought-out business plan or loan package will give the lender more confidence in you, your company and your ability to repay the loan because you took the time to think about and prepare a business plan.