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Before you even write up your loan application, carefully consider how much money you need. Set a limit for your expenses, and stick to it! Think about the money you absolutely must spend on bare essentials (i.e. real estate, basic equipment), and avoid paying for things you don't absolutely need for opening your small business. (Remember, you can always buy them later if your start-up is successful!)

A new study found that Latino small business owners and entrepreneurs across the U.S. often struggle to get business loans from banks and often turn to non-bank lenders with higher interest rates to secure financing, according to Biz2Credit.com.

New York-based small business loan marketplace Biz2Credit said it analyzed average revenue, age of business, average credit scores and other financial data to determine the rankings. It defined "small businesses" as companies having fewer than 250 employees or less than $10 million in annual revenues.

As America honors its fallen soldiers this weekend, the country also recognizes the contributions of its returning veterans. They often face challenges such as permanent injury or a return to civilian life that can be difficult after years of serving in the military.

According to the new guidelines, a drywall and painting companies that generate up to $14 million annually are considered small businesses, as are children's clothing stores with $30 million in annual sales, convenience stores with $27 million in annual revenue, and liquor stores with $7 million in annual sales.