Researching your funding options and applying for a business loan can feel overwhelming. You might find it helpful to break down the process into a series of straightforward steps.

Step 1. Determine your funding needs.The first step in getting a small business loan is determining how much financing you require. To do this, calculate your expenses and produce a firm number. Since you’ll owe interest on what you borrow, you can keep costs low by financing only what you need and no more.

Step 2. Research loan types.Do you need financing for a big purchase? Do you need it for cash flow gaps? Different expenses call for different types of financing. A term loan provides funding in a lump sum and is best for large, one-time costs. A line of credit lets you borrow as needed from available funds and is best for recurring expenses.

Step 3. Compare lenders.Research lenders who provide financing for borrowers with your credit profile. Cost is important, but consider other factors too. How is their customer service? How quickly do they provide funding? What rating do they have with the Better Business Bureau? Do they have positive customer reviews?

Step 4. Apply.Before you apply, check to see what documents the lender requires. This varies, but it typically includes your business license, business bank account, financial statements and personal financial information.

Step 5. Review your offer.Before you accept a financing offer, carefully review the rates and terms of the loan. Ensure that the repayment schedule fits your budget — now and in the future.