Robert C. Seiwert, director of the ABA Center for Commercial Lending & Business Banking, said small business owners should work with bankers in their community for financial advice on the particular needs of their line of business.

A bank that works with other businesses in the same industry can help small business owners assess risk and develop better business plans for growing the company with an eye toward repaying the loan.

"Develop a business plan that has three different scenarios: best case, most likely case, and worst case," Seiwert said. "You want the banker to understand all three since you're asking for support through good times and bad."

ABA said small business owners should develop at least two ways to repay the loan, with secondary repayment resources including business or personal collateral as well a loan guarantee by owners, suppliers or customers.