MFFA September Newsletter

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Montana Facility Finance Authority

September 2021 MFFA Newsletter

Time flies when you're having fun! Since the beginning of July we've financed more than $237 million for Montana healthcare facilities with another $250 million in process. We also increased our MCAP grant from $15,000 per award to $25,000 per award.

During this time we've also been building the new C-PACE program and facilitating stakeholder engagement meetings about the roles, responsibilities, and exciting opportunities for so many Montana businesses. Stay tuned to hear more about C-PACE in the coming months as we launch the program on January 1, 2022.

We appreciate your hard work and enthusiasm for Montana healthcare and businesses as we continue working diligently through this pandemic and into the upcoming new year. 

Thank you!

--MFFA Staff


Financial Programs


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:

Rimrock Foundation

$500,000; 2.00% for 3 years. Closed on 9/1/21.

Purpose: purchase land in Billings for its new holistic campus.

Fallon Medical Complex

$238,937; 2.00% for 5 years. Closed on 9/16/21.

Purpose: refinance its TFL which saved on monthly cash flow.


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: 2.25%         

7 Year Term: 2.50%

10 Year Term: 2.75%   

15 Year Term: 3.00%

20 Year Term: 3.35%

The following financings were funded under this program this period:

Rimrock Foundation

$1,500,000; 2.20% for 3 years. Closed on 9/1/21.

Purpose: purchase land in Billings for its new holistic campus.


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

The following financings were funded under this program this period:

Bozeman Deaconess

$93,080,000; 3.03% for 25 years. Closed on 7/14/21.

Purpose: refinance older bonds and for building and equipment purchases.

Benefis Health System

$100,000,000; 3.32% for 20 years. Closed on 7/27/21.

Purpose: to finance a medical school and ambulatory surgery center.

Community Hospital of Anaconda

$18,615,000; 2.28% for 20 years. Closed on 8/12/21.

Purpose: to refinance older bonds and fund its clinic project.

Beartooth Billings Clinic

$15,102,202; 3.03% for 20 years. Closed on 8/31/21.

Purpose: to refinance older bonds.


Master Loan Program (MLP)

Through an agreement with Board of Investments, this program provides low-interest, tax-exempt financing for smaller hospitals. Loans range from $1.5 million to $20 million, and can be marketed for more than one borrower at a time. For more information on the Master Loan Program, click here

Community Hospital of Anaconda

$8,000,000; 1.92% for 20 years. Closed on 8/12/21.

Purpose: to refinance older bonds and fund its clinic project.


MFFA Grants


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 $25,000 with a required 10% match. For more information, click here


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