Business Lending | U.S. Bank

LIBOR, one of the world’s most common benchmark interest rates, has been used for decades in financial products like business loans and adjustable-rate mortgages. However, a world-wide transition is underway to replace it with rate alternatives. Existing contracts that use LIBOR as a benchmark rate can continue to be serviced through the June 30, 2023 cessation date. For new contracts, regulators have made it clear that LIBOR shouldn’t be used.

We’ve planned extensively and are well positioned to make this a smooth transition for customers who might be impacted by the change. If you’re impacted, we’ll be working with you to move to an alternative reference rate in advance. We offer a variety of rate alternatives including the Secured Overnight Financing Rate (SOFR) Short-Term Bank Yield Index (BSBY) and American Interbank Offered Rate (Ameribor).

Read more about the transition away from LIBOR or make an appointment to meet with us virtually, on the phone or in person. We also encourage you to seek independent professional advice on any questions or concerns you may have.