Whether you’re expanding your current business, making a large purchase, or paying off various expenses, you’ll need funding. That’s where business loans come into play.

Depending on your funding needs, different business loans can help you reach your goals. Traditional term loans, business lines of credit, and commercial real estate loans are just a few of the many types of financing available to business owners. Determine how much money you’ll need to borrow from a lender to meet your business’s needs.

Once you’re ready to apply for a loan, contact banks, credit unions, and online lenders to get information on their business loan offerings. Be sure to speak with several financial institutions and brokers to compare their offerings and application processes before deciding who to lend from. Determine which loan has the best interest rates, terms, and conditions that meet your business’s needs and future goals. Ask about timelines and get an idea of how long it will take for your loan to be approved after you submit your application.

When searching for a business loan, finding a trustworthy lender is essential. Securing financing may be one of the most critical decisions your business makes. To find a reliable lender, do your research. Ask lenders to provide you with business references you can speak with. Ask these references about their experience working with the lender and their satisfaction with their services.

Looking for the BBB Seal is a quick way to determine if a lender is trustworthy. When talking with lenders, ask them if they are BBB Accredited. BBB Accredited businesses are vetted and adhere to BBB’s Standards for Trust, like being transparent, safeguarding your privacy, and being responsive.

What do you need to qualify and apply for a business loan? Each loan application may require something different, so always ask your lender for the requirements and carefully review the application. In many instances, according to NerdWallet, you’ll need to prepare and provide information about your business’s annual revenue and current debts, how many years you’ve been in business, your business industry and size, and your personal and business credit scores. Aim to have a higher credit score to increase your chances of securing the best rate on your loan.

Several different documents may also be required to submit, like a business plan, a loan proposal, and other financial documents and records. If you’ve been in business for a while, according to NerdWallet, you should show that you have sufficient cash flow to pay for loan payments in addition to the ongoing expenses you already have for your business.

In addition, a lender may ask you to pledge collateral if you default on the loan or require a personal guarantee, which could demonstrate to lenders that you are a serious borrower and increase your chances of securing a loan.

Read more about the difference between debt and equity financing. Visit BBB’s Debt and Loan HQ for more tips and resources on managing debt and taking out loans.

Find more tips on finance and running all aspects of your business at BBB’s BizHQ.