diff --git a/libltdl/lt_dlloader.c b/libltdl/lt_dlloader.c
index 2c99a22..eac65e4 100644
--- a/libltdl/lt_dlloader.c
+++ b/libltdl/lt_dlloader.c
@@ -74,9 +74,21 @@ lt_dlloader_add (const lt_dlvtable *vtable)
       return RETURN_FAILURE;
     }
 
+  if (vtable->dlloader_init)
+    {
+      if ((*vtable->dlloader_init) (vtable->dlloader_data))
+	{
+	  LT__SETERROR (INIT_LOADER);
+	  return RETURN_FAILURE;
+	}
+    }
+
   item = slist_box (vtable);
   if (!item)
     {
+      if (vtable->dlloader_exit)
+	(*vtable->dlloader_exit) (vtable->dlloader_data);
+
       (*lt__alloc_die) ();
 
       /* Let the caller know something went wrong if lt__alloc_die
diff --git a/libltdl/ltdl.c b/libltdl/ltdl.c
index 1fe272f..9067ad5 100644
--- a/libltdl/ltdl.c
+++ b/libltdl/ltdl.c
@@ -188,15 +188,6 @@ loader_init (lt_get_vtable *vtable_func, lt_user_data data)
 
   assert (errors || vtable);
 
-  if ((!errors) && vtable->dlloader_init)
-    {
-      if ((*vtable->dlloader_init) (vtable->dlloader_data))
-	{
-	  LT__SETERROR (INIT_LOADER);
-	  ++errors;
-	}
-    }
-
   return errors;
 }