Although a small state, there are many banking institutions in Rhode Island. As a business owner, you'll need to use one of these banks for your company's banking needs. From checking accounts to loans, these full-service banks have everything your business could want.

Sure, you could try to run your business using just cash or using your own personal banking accounts. But these practices lead to confusing bookkeeping chores, and you risk running into problems when tax time rolls around. By taking advantage of the services offered by RI banks, you'll find that record-keeping is much simpler and more reliable. Consider the following when thinking about your company's needs:

1. Open a checking account at a bank in Rhode Island. These accounts are vital to successfully managing business funds.

2. Apply for a business credit card. Most banks in RI offer these point-of-sale payment solutions for owners like you.

3. Take out a loan if you need to. Rhode Island banking institutions will determine how much you qualify for so you can continue building your business.

Action Steps
The best contacts and resources to help you get it done

Open a small business checking account at one of the many Rhode Island banks

Having a bank account is important to every business owner: This is where you'll place deposits from income you receive and write checks for the bills you owe. If you have a merchant account, your deposits will automatically go into the account. You'll have paychecks to think of as well. Opening a checking account should be one of the first things on your list.

I recommend: Choose from the wide variety of business accounts offered by Domestic Bank. For those in the southern part of the state, NewportFed has several business checking accounts to pick from.

Consider getting a business credit card from a Rhode Island bank

There are actually a few reasons for using a credit card for business transactions. First of all, you can charge important items if you're running short on cash but don't want to take out a large installment loan. You can give cards to your employees and track their usage of expense accounts. You can also earn valuable rewards for your business by taking advantage of cash-back and travel points programs.

I recommend: Apply for a credit card offered through Bank Newport. Consider applying for a business card at one of over 15 Bank Rhode Island locations across the eastern part of the state.

Get an installment loan from one of the banks in Rhode Island

For business owners who are having trouble getting started or who would like to expand, a business loan can really help out. Some loans are short-term while some are paid back over a long period of time, like a mortgage loan.

I recommend: If your business is in central Rhode Island, Centreville Bank offers convenient locations for small business mortgages and loans. Independence Bank in East Greenwich has loans to fit any size business.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you would like to accept credit cards, you'll need a merchant account. These accounts are available from most large banks as well as some local banks, so while you're looking into other services, ask Rhode Island banking representatives about merchant services as well.