When starting a new business, it is vital for entrepreneurs to begin forming lasting relationships with banks, as it is these financial institutions that will provide necessary support.

Mike Deller told the Herald that it is important to find a banker who can become a "business partner who understands the ins and outs" of an enterprise.

This individual, once invested in the firm's vision, can be a valuable partner throughout the lifetime of the business.

"Start early and be patient in developing both the banking relationship and the business plan and be a good listener," Mr Deller advised.

He explained that even if a business owner applies for a loan and is turned down, this reaction should not serve as a detriment, as any feedback should be able to be used to improve a business plan so that it will be accepted in the future.

The Small Business Administration recommends that entrepreneurs look upon their business plans as works-in-progress, with even successful firms updating their strategy as needed.