The Montana Department of Commerce announced a major expansion in financing options for businesses and nonprofits today, following the enactment of Senate Bill 104, which significantly broadens the reach of the Montana Facility Finance Authority (MFFA).
Signed into law by Governor Greg Gianforte on April 16, 2025, the legislation allows the MFFA to issue conduit bonds to a wider variety of projects that provide public benefits — including schools, museums, energy and broadband providers, and manufacturing facilities — giving Montana organizations greater access to affordable financing for expansion and development.
“Conduit bonds play a vital role in driving economic development by enabling large-scale projects that provide substantial public benefits, such as healthcare and housing,” said MFFA Executive Director Adam Gill. “These investments not only create jobs and stimulate local economies but also enhance the overall quality of life for Montanans.”
For more than four decades, the MFFA has served as Montana’s statewide issuer of healthcare facility bonds, facilitating over $4 billion in bond issuances. Until now, other sectors could only access similar financing through local governments — a process often hampered by inconsistent resources and support.
“That avenue has always been available to other organizations, but they had to work through local governments that weren’t consistently available or equipped with the resources to help,” Gill said. “This new law changes that. It allows us to offer our expertise directly to a broader range of eligible projects, without creating any obligation for the state or its taxpayers. It’s a win for the organizations, a win for communities, and a win for Montana.”
The MFFA operates as a quasi-judicial board, administratively attached to the Department of Commerce, and is governed by a seven-member board appointed by the governor and confirmed by the state senate.
With SB 104 now in effect, Montana’s economic development toolbox grows significantly, positioning communities across the state to accelerate growth in sectors that deliver long-term public value.
“This expansion marks the most significant evolution of our authority in 40 years,” Gill added. “It provides a clear path to the bond market for high-impact projects, while protecting taxpayers.”
By: DNU staff