Last but definitely not least, know which type of loan you actually need. As a business owner understanding which loan works best for you is very essential. The greatest misconception and misunderstanding is that people believe that if you apply for a huge sum of money it might take a while before it is processed as opposed to applying for a smaller loan. The truth of the matter is, it depends with the program you are applying for. As a business owner it is therefore imperative to know which loan you are in dire need of.