The Montana Department of Commerce is proud to announce 35 years of the Montana Facility Finance Authority. Recently, the program reached a lifetime milestone of providing more than $3 billion of financing and low-interest loans for non-profit health care organizations in Montana.
“MFFA is an important partner of Commerce, and we congratulate them on reaching this milestone,” Commerce Director Pam Haxby-Cote said. “In addition to keeping us healthy, medical facilities are pillars of local economies across the state. When they thrive, our communities thrive as well.”
The most recent MFFA project financing includes:
- Master Loan Program Bond for Big Horn Memorial Hospital in Hardin: $11 million to finance the renovation and expansion of the hospital, including an expanded emergency room.
- Direct Loan for Daniels Memorial Healthcare Center in Scobey: The $160,000 loan will finance a new boiler as well as energy efficiency upgrades. The upgrades are expected to save the hospital $43,589 per year once implemented.
- Trust Fund Loan for Central Montana Medical Center in Lewistown: The $1.2 million financing is to purchase equipment and renovate space to create an interventional radiology department.
“Access to quality health care is vital to the growth and prosperity of our Montana communities,” MFFA Executive Director Adam Gill said. “This is especially critical for our rural communities. The MFFA provides Montana health care facilities with the access to low-cost financing they need to maintain and improve the health of their communities.”
The MFFA was created by the 1983 Legislature to assist health care and related facilities contain future health care costs by offering financing at low-cost, tax-exempt interest rates. These cost savings are shared with the consumer in the form of lower facility charges. The MFFA is governed by a seven-member board appointed by the Governor and confirmed by the Senate.