The simple answer is that the price of loans is set by the balance of supply and demand, as for any other commodity. The problem for small company borrowers is that their loans are set in an oligopolistic market, with only a few major suppliers.
As a result, a small company is often faced with a “take it or leave it” decision. You can improve your odds by structuring your loan requirement to demonstrate that your business is well run and you have identified and are managing all risks. The more you understand the banks’ requirements – and the better you explain your business to them – the better your chances of getting the right answer (approval for a loan at a lower cost). Ideally, if you can get multiple quotes you may be able to play one bank against another.
But in the end, an interest rate makes sense to you if it lets you fund your business and there is no better alternative. Therefore, you should be constantly looking at ways of financing instead of bank borrowing. Try leasing rather than buying, changing your terms of trade, changing your business model, or hiving off part of the business into a joint venture with an investor.