Citizens Bank to promote business credit and charge cards

New business owners will find that securing a true "business" credit card for their company is extremely tough. I'm not talking about the ones that are secured by the owner's personal credit. I'm talking about true Business credit accounts that are based on the business' credit.

The reason is that building business credit is an extremely difficult process to get started. You have to locate a bank or company that is willing to extend credit to an entity that has no prior credit history. One good way to get the ball rolling is to acquire a cell phone that is billed to your company, however, be prepared to pay a hefty deposit to Sprint or one of the other carriers. There are other ways as well. You just have look around and ask questions.

Once you get an account of this nature you can begin to establish a solid payment history and thereby improve your company's credit score.

Here's an article detailing how Citizens Bank plans to offer business credit to it's commercial clients by rebranding the credit services offered by Corporate Payment Services (CPS). Incidentally, CPS is the commercial card unit of GE Consumer Finance:
http://biz.yahoo.com/prnews/051117/deth011.html?.v=29

I'll be back later for more small business finance advice...