Liberty Bank has launched a digital bank designed for small business owners.

The new Owners Bank is initially available in Rhode Island, Massachusetts, Connecticut and Pennsylvania and will later launch nationally, the Connecticut-based independent mutual bank said in a Monday (April 17) press release.

“Big banks often fall short when it comes to servicing small businesses,” Owners Bank Founder and CEO David Mitchell said in the release. “So, in an age when small businesses represent a large and impactful portion of our business landscape, workforce and economy, we thought it was about time there was a bank that caters specifically to their needs.”

PYMNTS research has found that payment innovations that offer positive cash flow are vital to the stability and growth of small and medium-sized businesses (SMBs) and that payment rails and digital cash management tools are among the leading solutions they seek.

These SMBs are increasingly turning to embedded finance platforms for digital financial solutions, according to “Digital Banking Rises to Meet SMB Needs,” the January/February edition of the “Digital-First Banking Tracker® Series,” a PYMNTS and NCR collaboration.

The report found that 41% of SMBs are interested in using banking services from a digital service provider and 44% of SMBs prefer digital platforms offering embedded finance in partnership with a traditional bank.

The new Owners Bank is tailored to the professional services and home services industries and aims to help the owners of these small businesses manage invoicing, bill payment, cash flow and other accounting functions, according to the press release.

Through its digital platform, Owners Bank enables small business owners to view their accounts from all financial institutions on one platform, move money quickly and send and receive digital payments, the release said.

The bank offers business interest checking and savings accounts and will soon add access to business loans and credit.

“Our mission since inception nearly 200 years ago has always been rooted in helping the communities we serve — especially small businesses who have specific needs that Owners Bank is uniquely designed to address,” Liberty Bank President and CEO David W. Glidden said in the release. “With the creation of this new digital bank, we are expanding our footprint to provide even more support to small business owners who are looking for a well-established innovative banking partner.”