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Sidney Federal Credit Union: NY Business Financial Options

By Joe

Sidney Federal Credit Union

As far as financial institutions are concerned, Sidney Federal Credit Union (SFCU) stands out as a beacon of community-focused banking. They offer tailored solutions to meet the needs of both individuals and businesses. 

Unlike traditional big banks, credit unions like SFCU are member-owned cooperatives, which means that profits are reinvested into services. In turn, they’re usually able to offer exemplary products and rates for members. From a business credit perspective, SFCU has some interesting offers. Let’s take a closer look here. 

This is what’s in store: 

  • What is SFCU?
    • Locations Served
    • Membership & Eligibility Requirements
  • SFCU Business Financial Products & Services
    • Business Banking/Checking
    • Business Platinum Mastercard Credit Card
    • Business Loans & Lines of Credit
    • Business Savings & Investment Opportunities
  • SFCU Customer Service
  • SFCU Community Involvement
  • Frequently Asked Questions
  • Final Thoughts

Now, let’s roll!

What is SFCU?

What is Sidney FCU?

SFCU originated when a group of employees from Scintilla Magneto Corp. gathered in Sidney, NY, to form a credit union. In 1949, they secured a charter from the Bureau of Credit Unions, officially establishing Sidney FCU, later known as Sidney Federal Credit Union.

Today, SFCU boasts 11 branches across several counties in New York state, including parts of Broome, Oneida, Herkimer, Chenango, Delaware, Otsego, Cortland, Onondaga, Madison, Schoharie, Montgomery, Fulton, Hamilton, and Essex. The credit union is governed by a Board of Directors comprising individuals who live and work within the communities SFCU serves.

Established with a mission to serve the local community, Sidney Federal Credit Union has been a cornerstone of financial support since its inception. With a strong commitment to assisting small businesses, SFCU provides a range of specialized financial products and services designed to fuel entrepreneurial growth.

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

sidney federal credit union locations

SFCU extends its services to individuals and businesses across various counties and towns in New York state. 

These areas include:

  • Chenango
  • Cortland
  • Delaware
  • Essex
  • Fulton
  • Hamilton
  • Madison
  • Montgomery
  • Onondaga
  • Otsego
  • Schoharie

In addition to these counties, specific towns within Broome, Oneida, and Herkimer counties are also within the field of membership. 

These towns include:

  • Colesville, Sandford, and Windsor Towns in Broome County
  • Sangerfield, Bridgewater, Augusta, Marshall, Paris, Vernon, and Kirland Towns in Oneida County
  • Winfield, Litchfield, Columbia, Warren, Stark, Danube, Frankfort, and German Flats Towns in Herkimer County

If you reside, work, attend school, worship, or conduct regular business activities within these areas, you may be able to take advantage of SFCU’s services and benefits.

SFCU Membership & Eligibility Requirements

How to Join Sidney Federal Credit Union

Becoming a member of SFCU is a straightforward process designed to be accessible to all eligible individuals. 

Here’s how you can join:

  1. To initiate your membership, open a savings account with SFCU online. The minimum deposit required is only $5, making it easy for individuals to get started.
  2. Once your savings account is opened, deposit at least $5 to fulfill the membership requirement.
  3. With your membership established, you are now eligible to apply for and access a wide range of financial services offered by SFCU, including banking services, business accounts, lending services, and more.

SFCU welcomes not only individuals residing within the specified counties and towns but also extends membership eligibility to employees of SFCU, immediate family or household members, organizations of such persons, and corporate or other legal entities—This inclusive approach ensures that a diverse range of individuals and entities can benefit from the superior service and exceptional financial services offered by SFCU.

SFCU Business Financial Products & Services

Now, let’s take a look at the business financial products offered at SFCU—We’ll look at the checking, credit cards, loans, and savings accounts that small business owners can take advantage of.

SFCU Business Banking/Checking

sidney federal credit union online banking

SFCU offers a few different business checking accounts:

  • Basic Business Checking
  • Community Checking (for nonprofits)
  • Business Dividend Checking  

With all business checking accounts, you’ll get a Mastercard debit card, free online and mobile banking with e-statements, and unlimited transactions. You’ll also get free bill pay and be able to access overdraft protection options. 

With Basic Business Checking, there are no added fees and no minimum opening deposit. You can avoid the $5 monthly maintenance fee if you maintain a $500 minimum balance. 

For not-for-profits, SFCU provides the Community Checking account. There is no minimum initial deposit requirement and no monthly maintenance fee. 

Businesses looking to earn dividends on their checking balance can opt for the Business Dividend Checking account. With no minimum initial deposit requirement, businesses must maintain a $5K ADB to earn dividends, and to avoid the $5 monthly maintenance fee—This account offers a competitive .25% APY on balances. 

FeatureBasic Business CheckingCommunity CheckingBusiness Dividend Checking
Minimum ADB to Earn DividendsN/AN/A$5,000
Minimum ADB to Avoid Monthly Maintenance Fee$500N/A$5,000
Dividend Rate *N/AN/A.25% APY
Monthly Maintenance Fee *$0 to $5$0$0 to $5

At SFCU, there seems to be a checking option for nearly any small business.

You might also like: Amex Business Checking Review: What You Need to Know…Really 

SFCU Business Platinum Mastercard Credit Card

Sidney Federal Credit Union login

The SFCU Platinum Mastercard® offers a competitive APR starting as low as 13.15%, with a maximum APR of 17.99%. What’s great? There are no annual fees, making it an attractive option for businesses looking to stretch their dollars further. 

With this card, you can earn rewards on everyday purchases. 

The SFCU credit card earns a flat 1% back that can be redeemed for: 

  • Cash back
  • Travel
  • Gift cards
  • Charity donations

Plus, there’s no balance transfer fees, and you can enjoy the convenience of tap-to-pay contactless payment. There’s also 24/7 fraud monitoring. If you need to increase your credit limit, you can apply for a limit increase hassle-free. 

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

SFCU Business Loans & Lines of Credit

Sidney Federal Credit Union Business Credit Card

SFCU also has an array of business loans, including term loans, lines of credit (revolving), and real estate loans. All of their loans have competitive rates, flexible terms, and come with no prepayment penalties. 

If you’re looking to expand or cover expenses, SFCU’s business term loans provide the financing you might need to keep operations running smoothly. Use them for inventory, equipment, or services. Plus, with fixed rates and the option to choose loan terms between 1 and 7 years, budgeting is pretty simple.

For when you need ongoing access to funds, SFCU also provides business lines of credit. These lines of credit offer financial flexibility for various purposes, including cash flow gaps and overdraft protection. With options for both secured and unsecured lines of credit, you can choose the option that best fits your needs and goals. 

If commercial or investment real estate properties are on your radar, SFCU offers commercial real estate loans with flexible terms and structures—These loans come with both fixed and variable rates and can be customized to fit your unique needs and goals. 

Recommended: How to Get Money for Real Estate Investing: 18 Practical Ideas 

SFCU Business Savings & Investment Opportunities 

Sidney Federal Credit Union CD Rates

SFCU offers a few business savings options tailored to suit different financial needs and goals.

  1. Business savings account
  2. Business money management account
  3. Business share certificates

The SFCU Business Savings Account is ideal if you’re looking to build up savings and maintain easy access to funds. With just a $5 minimum opening deposit, you can earn dividends on your balance (up to 0.05% APY)—This account might be good if you want to earn a little extra while saving for short-term business goals or emergencies. 

Now, if you want to maximize your savings potential without sacrificing liquidity, SFCU’s Business Money Management Account might be a better choice. With higher dividends and no withdrawal penalties, this account offers flexibility while allowing your savings to grow. It’s suitable when you want to earn more on your funds and retain the ability to access them when needed.

When you’re aiming for long-term savings goals, such as expansion plans or major investments, the Business Share Certificates offer higher savings rates with flexible terms. With terms ranging from 31 days to 60 months and competitive rates as high as 2.53% APY, SFCU’s certificates provide an opportunity to earn more on your savings over time.

In all, SFCU’s business savings options provide opportunities to earn dividends and grow your funds. However, these aren’t the best rates I’ve ever seen. 

Recommended: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious? 

SFCU Customer Service

Sidney Federal Credit Union customer service

Sidney Federal Credit Union (SFCU) provides various customer service channels for members’ convenience:

  • Live chat – Immediate assistance is available via live chat
  • Email – Members can send messages for non-urgent inquiries
  • Phone support – Accessible at 877-642-7328 (SFCU)
  • SMS text messaging – Support for lost or stolen cards—24/7
  • Text message alerts – Receive important notifications via text

These channels ensure members can access assistance promptly and efficiently. Keep in mind, they’re typically available during normal “banking hours” (9 to 5 Monday through Friday). 

sidney federal credit union 24 hour customer service

Of course, as with all services, you might expect mistakes to happen from time to time…But, SFCU has apparently closed all of their *minimal* complaints with the Better Business Bureau promptly. They maintain an A-rating on the platform despite not being accredited.  

SFCU reviews BBB

In all, you should be able to get in touch with someone when you need help. 

You might also like: 6 Best 0% APR Business Credit Cards to Check Out 

SFCU Community Involvement

Sidney Federal Credit Union in the community

Sidney Federal Credit Union (SFCU) is rooted in community spirit—they pioneer local events like the SFCU Hometown Day Parade. It’s a blast, stretching over 1.2 miles, starting at Sidney Central School and winding down to Keith Clark Park for a lively celebration. Locals are invited to be part of the tradition, soaking in the community vibes and enjoying the festivities.

Ever heard of the Fraud Seminar? SFCU teams up with the Montgomery County Sheriff’s Office to bring the community this eye-opening event. Scams are everywhere nowadays, but staying informed is key to protecting yourself. SFCU teaches the ins and outs of how to spot scams, protect your finances, and what to do if you fall victim to fraud. 

And, if you feel a bit lost in the budgeting department, SFCU’s got your back. At their Budgeting 101 workshop at their Cicero branch, they’ll hook you up with all the tips and tricks to create a budget that actually works for you. Plus, there’ll be snacks and beverages to keep you fueled up while you learn.

You might also like: BILL Spend & Expense Card Review (Formerly Divvy Credit Card) 

Frequently Asked Questions

Does Sidney Federal Credit Union have Zelle®? 

Yes, Sidney Federal Credit Union does offer Zelle®. Simply log into the Sidney Federal Credit Union mobile app and select “Send Money with Zelle®.” From there, follow the prompts to enter the necessary information, accept the terms and conditions, and begin sending and receiving money.

What is the grace period at Sidney Federal Credit Union? 

For most products, the grace period for Sidney Federal Credit Union is 10 days—This means that you have a window of 10 days after your due date to make payments without incurring any late fees. However, any payments received after this 10-day grace period will incur fees.

What is Sidney Federal Credit Union’s address? 

SFCU’s main office is situated at 42 Union St., Sidney, NY 13838. Additionally, SFCU operates 11 branches across several counties in New York, including parts of Broome, Oneida, and Herkimer, as well as the entirety of Chenango, Delaware, Otsego, Cortland, Onondaga, Madison, Schoharie, Montgomery, Fulton, Hamilton, and Essex counties.

What is Sidney Federal Credit Union’s routing number? 

The routing number for SFCU accounts is 221379905. 

Final Thoughts

In summary, Sidney Federal Credit Union (SFCU) offers a range of financial products and services tailored to meet the needs of businesses in New York state. From business checking accounts and credit cards to loans, lines of credit, and savings options, SFCU provides comprehensive solutions to support entrepreneurial growth. 

Additionally, their community involvement initiatives, such as the Hometown Day Parade and educational events like the Fraud Seminar and Budgeting 101 workshop, demonstrate their commitment to supporting and empowering local communities. 

With accessible membership requirements and convenient customer service channels, SFCU strives to be a reliable partner in the financial success of its members—Just be sure to shop around and make sure you take advantage of the business financial products that best meet your needs and goals. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Should You Use a Real Estate Investor Line of Credit to Buy or Renovate Property?

By Joe

Real Estate Investor Line of Credit

One of the best ways to build net worth is through investing in real estate. Whether you buy and flip or buy and hold, real property can generate tremendous profits for individuals and businesses. The average ROI on real estate investment is in the 12-16% range, which is quite a bit higher than the stock market.

Once you get serious about your real estate investment strategy, you need to explore all of your financing options. Here, I want to talk specifically about real estate investor lines of credit. 

Here’s what we’ll cover: 

  • What is a Real Estate Investor Line of Credit?
    • Credit Cards vs Loans vs Lines of Credit vs Hard Money
  • Frequently Asked Questions
  • Conclusion

What is a Real Estate Investor Line of Credit? 

A real estate investor line of credit is a revolving credit line dedicated to the purchase, repair, and renovation of investment property. This type of financing is extended based on equity in a real estate investment and can be used much like a credit card, which means that an investor can tap into the funds multiple times. 

These credit lines are extended from banks and credit unions to individuals and businesses for the purpose of funding new investments or rehabilitating or updating an existing investment. The process is fairly straightforward and similar to a HELOC loan on an owner-occupied home. 

And, here’s how these dedicated credit lines stack up against some of the most common real estate (RE) investment financing options. 

Credit Cards vs Loans vs Lines of Credit vs Hard Money

Let’s quickly clarify the differences between credit cards, loans, lines of credit, and hard money as they can apply to real estate investing. 

First, a credit card is a revolving line of credit that can be used for various purposes. Visa, Mastercard, American Expresss, and Discover cards can be used universally to pay for almost anything, as long as the seller accepts these payment forms. While most home sales channels don’t accept credit cards, you can convert credit cards into cash to pay for investments. Credit card interest is around 15% on average. 

Next, a loan is usually extended with set terms. This means that you will be given a certain amount of cash to be used at one time then paid back by a given date. In Real Estate terms, a loan typically refers to a mortgage and can be taken in the full amount of the property, less any down payment. Typical repayment terms are 15, 20, and 30 years. Right now, the average interest rate on a mortgage is between 2.3 to 2.9%.

Then, lines of credit can be used like credit cards with revolving terms, yet typically have interest rates akin to mortgages. In a sense, it may seem like they provide the best of both worlds. However, lines of credit typically can’t be used to fund an entire home purchase and instead provide a short term solution to an immediate real estate investment need. 

Finally, hard money loans are usually reserved for investors with less than ideal credit as a short-term funding option since the average interest rates are between 11 and 18%. A hard money loan is usually extended to a buyer by a private party like an investor, business, or the seller of the property. 

Frequently Asked Questions

Here are answers to some of the most common questions I hear when discussing real estate investing with both BCW members and colleagues. 

Can you get a line of credit on an investment property?

Yes. As long as a property has equity in it, whether it is used as your primary residence or place of business or solely as an investment, it can be leveraged to obtain a line of credit. 

How do real estate investors get financing?

Real estate investors fund their home purchases and renovations through a variety of financing options including loans, credit cards, lines of credit, and other less common channels. 

What is an investment line of credit?

An investment line of credit is a short-term financing solution that provides the borrower with a revolving line of credit on either a property that is not occupied by the owner or another investment. 

Can you take out a line of credit on a rental property?

Yes. You can take out a home equity line of credit (HELOC) for a property that you rent the same way you can a home that you occupy. 

Can you get a 30-year mortgage on an investment property?

Yes. 30-year mortgages are available for investment properties and owner-occupied properties. 

How can I invest in real estate with no money and bad credit?

The most common way that people with bad credit can get started with real estate investing is through hard money lenders. These situations are usually short-term (until the buyer can improve their credit) and used as a last resort. 

Can I use a business line of credit to buy a house?

If you have a large enough business line of credit, you can use it to buy a house, but you should not treat it as a 30-year mortgage because this would incur much higher costs than necessary. Learn more about the BRRR method of real estate investing. 

Is it smart to use home equity to buy an investment property?

If an investment can generate more income for you, it can often be a smart move to use your home equity to buy another property. 

Conclusion

If you’re looking for a line of credit that you can tap into repeatedly on your real estate journey, you will use the funds solely for real estate, and you already have equity in property along with a good credit score, a real estate investor line of credit may help you make your next move to secure your future. I find that it’s best to diversify your funding options. 

If you’re interested, here I explain how to use business credit to buy real estate.  And, if you want to get up to $100K in business credit in 30 days, join Business Credit Workshop today.

Is Dell Business Credit Worth Your Time?

By Joe

Is Dell Business Credit Worth Your Time?

When you’re a Dell-lover looking to build your credit profile and in need of a new computer, in-house financing is a natural place to turn. You can get upfront funding for your new equipment and potentially boost your scores. But, is the program worth your time? Read this Dell business credit review, and answer that question yourself. 

First of all, What is Dell Business Credit? 

Dell business credit is one of three business financing packages offered by Dell to fund the purchase of its PCs, electronics, and accessories. The business credit program is controlled by WebBank, who also partners with companies like Avant, Lending Club, Fingerhut, and PayPal to offer financial services to these brands’ existing customers.   

Dell Business Credit Offers Promotional Pricing on Specific Equipment

Financing can only be used to purchase directly through Dell and the brand offers promotions on specific equipment. 90-day, 0% interest is a popular example. 

The three financing options offered by Dell are: 

  • PC as a service
  • Dell business credit
  • Lease options

In addition, Dell offers custom solutions for enterprise solutions for medium and large businesses. So, larger companies can reach out with their needs to come up with packages under the pretense of greater savings on bigger orders. 

At first glance, the program looks fine. Yet, Dell’s business financing reviews online seem to deliver more than the usual amount of complaints. So, I decided to dig into the program and share unbiased facts. After reading through, you should be able to decide if the program is worth your time. 

Next, How Difficult is it to Get Dell Business Credit and Will You Qualify? 

Borrowers who apply for Dell business credit are often surprised by the approval process and credit amount. For example, one business applicant who made $62K in purchases from Dell the previous month was offered a $5K tradeline (MyFico). The amount of funding led this user to the conclusion that WebBank, the actual lender, doesn’t factor customer metrics within the Dell company into its decision. 

While this seems a bit wonky and impersonal, Dell did allegedly finance another customer for the same $5K business credit with no social security number and after locking their reports (MyFico). This possibility is appealing because it means that you could potentially qualify for a tradeline without sharing your personal credit report and conceivably start building business credit.

So, if WebBank will qualify an applicant for $5K in credit with no credit history, how easy is it to get a Dell business credit card? 

According to WallettHub, WebBank’s cards, including the Dell Preferred Account (which is not the same as the business credit card) are subject to approval with personal credit scores of 640 and up. So, while all situations are different, it’s a fair assumption to make that it is pretty easy to qualify. 

And, What Business Credit Report Does Dell Pull? 

If you have a fair business credit history with one bureau and bad credit on another, you need to make sure your lender will look at the report with the more favorable score. So, which report will Dell/WebBank peek in at when qualifying you for approval? According to multiple borrowers, you’ll see a hard pull on your Experian report when you apply for a Dell business account. 

Then, Why all the Poor Reviews? 

Let’s take a look at the common complaints about this card from existing borrowers. 

  • High interest
  • Poor customer service
  • High interest
  • High interest
  • Lack of payment technology
  • High interest

Many of Dell’s borrowers complain about the fact that they still owe the full amount of their equipment after making payments, sometimes for years. And, they express that there was no explanation that if their account wasn’t paid in full before the promotional no-interest period, that they would be charged the full interest amount. 

Yes, the above is frustrating, but these payment conditions were in the terms and conditions laid out by Dell and WebBank. It’s just that the borrowers didn’t see or understand them. 

You should always expect to pay interest on purchases made during a promotional 0% interest financing period if your balance is not paid in full before the end of the period. 

So, is Dell Business Credit Worth Your Time? 

If you need Dell equipment, should you go straight to the source for funding? — This is the wrong question. Instead, ask yourself the following: 

  • What are Dell’s current business credit promotions? 
  • If I leverage these promotions, can I save money on the equipment I need (the promotions often offer 15% price discounts on products)? 
  • If I leverage these promotions, will I be able to pay off my card within the promotional period to prevent future interest spikes? 

If you need Dell equipment and you can afford to pay off your purchase within 90-days, there’s no reason not to take advantage of the financial services. In fact, you could see a bump in your credit scores for on-time payments. 

Related Answers

Does Dell have financing?

Yes, Dell offers several consumer and business financing solutions through WebBank for the purchase of its equipment and accessories. 

What credit score is needed for Dell financing?

According to WalletHub, WebBank, who controls Dell’s financing options, qualifies borrowers with credit scores of 640+

What business credit report does Dell pull?

When applying for Dell business credit, your Experian report will be pulled. 

Does Dell finance bad credit?

According to many borrowers, Dell credit is fairly easy to qualify for, but typically, lenders do not finance anyone with bad credit. 

Can I buy a laptop and pay monthly?

Yes! You can leverage financing directly through most laptop manufacturers as tradelines or use alternative funding options to make monthly payments on a new laptop. 

Can I lease a laptop?

Yes! Most major laptop manufacturers have lease options for businesses and consumers. Dell’s progressive leasing is one example. 

Final Thoughts

Dell business credit offers no major rewards — this type of financing doesn’t allow you to generate points, airline miles, or cash awards. But, for businesses early in the credit building journey, if leveraged properly, Dell’s in-house financing can be helpful. Learn how to make the most of your credit profile. Start by understanding how to use 30-day net vendors to boost your business credit score.

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