Financial Programs
Emergency Loan Program (ELP)
In response to the Covid-19 pandemic, the MFFA created a new short-term lending program called the Emergency Loan Program. The purpose of this program is to provide fast and convenient operational loans to facilities due to the pandemic. The ELP comes with a 12-month term and holds a 2% interest rate which starts accruing on month three. Also, there is no payment until month six. To apply for a Emergency Loan Program, click here
The following financings were funded under this program this period:
Alluvion Health
$500,000; closed on 4/14/20
McCone County Health
$400,000; closed on 4/14/20
Glendive Medical Center
$500,000; closed on 4/15/20
Roosevelt Medical Center
$500,000; closed on 5/7/20
Ravalli County Council on Aging
$100,000; closed on 5/19/20
Direct Loan Program (DL)
This staff-approved program offers low-interest loans for eligible projects including construction and renovation, facility acquisition, loan refinancing, and purchase of equipment and finance costs. The maximum loan size is $300,000, unless combined with a Trust Fund Loan which raises the maximum loan size to $500,000. To apply for a Direct Loan, click here
5 Year Term: 2.00%
7 Year Term: 2.15%
10 Year Term: 2.25%
The following financings were funded under this program this period:
Fallon Medical Complex
$85,671; 2.00% for 5 years. Closed on 3/17/20. Purpose: to purchase and upgrade digital radiology machine.
$300,000; 2.00% for 5 years. Closed on 6/4/20.Purpose: to purchase a new CT machine.
Roundup Memorial Healthcare
$402,263; 2.25% for 10 years. Closed on 3/10/20. Purpose: refinance existing Trust Fund Loan.
Trust Fund Loan Program (TFLP)
Subject to Board approval, these low-interest financing offer terms of up to 20 years and a maximum loan size of $1.5 million. These loans can be combined with a Direct Loan for a total loan amount of $2 million. To apply for a Trust Fund Loan, click here
5 Year Term: 2.51%
7 Year Term: 2.67%
10 Year Term: 2.89%
15 Year Term: 3.26%
20 Year Term: 3.48%
The following financings were funded under this program this period:
Central Montana Medical Center
$1,200,000; 2.75% for 10 years. Closed on 4/16/20. Purpose: reimburse for EHR upgrade.
Stand-Alone Bond Financings Program (SA)
These bonds are flexible and can be structured with fixed or variable interest rates and with or without credit enhancement and/or ratings. Public offering or private placement options are available, depending on the size of the deal. For more information, click here
Master Loan Program (MLP)
The Master Loan Program was created in 1992 to provide access to an affordable financing option for mid-tier hospitals in Montana. Under the Master Loan Program, the Montana Board of Investments provides a guarantee of the debt service reserve fund for the bonds. Loans range from $1.5 million to $20 million, and can be marketed for more than one borrower at a time. Since the program’s inception, 30 series of bonds have been issued for a total amount of $235.6 million for 15 individual borrowers. For more information on the Master Loan Program, click here
Spotlight Financing
 |
|
Missions United utilized a Trust Fund Loan and Direct Loan combination with a total financing amount of $2 million. The proceeds were used to reimburse Missions for eligible capital upgrades.
$500,000 Direct Loan; 2.00% for 5 years. Closed on 1/27/20.
$1,500,000 Trust Fund Loan; 2.51% for 5 years. Closed on 1/27/20.
|
MFFA Grants
Energy Efficiency Program (EEP)
This grant program pays for an engineer to visit the facility and perform an energy audit. The audits are then used for guidance on energy conservation measures. The maximum grant size is $15,000 with a required 10% match. The average annual energy savings per facility is $29,000! To apply for an EEP, click here
The following grants were funded under this program this period:
Phillips County Hospital
Immanuel Lutheran Services
Montana Capital Assistance Program (MCAP)
These grants are for small rural hospitals to finance Facility Master Plans, Capital Financing Plans and Scope of Services Review. The maximum grant size is $15,000 with a required 10% match. For more information, click here
|
