Montana Impact Investing Program


The Montana Community Foundation is proud to provide a program that generates a positive impact in our state. 

The Montana Impact Investing Program is dedicated to creating significant and measurable positive impact, alongside a financial return. This program provides investment capital to organizations for initiatives that align with MCF’s impact areas. 

The program is presently in Phase I, with MCF scheduling a public launch for spring 2025.

Impact Investing Details:

In the first year, loan amounts will vary between $100,000 and $1 million, resulting in a total investment range of $1.25 million to $1.5 million. Over the next five years, MCF hopes to invest $6 million in total assets in communities across Montana.


Phase I

A handful of organizations were selected to help initially shape this new program to ensure its success for a statewide rollout. We realize that during these economic times, that demand is high for access to capital. However, because the ability to learn and understand our capacity to successfully manage this program is essential, MCF started with a small group of intermediaries. 

Phase II 

  • 2025, the program will be available statewide for intermediaries. 
  • Spring 2025 – Online Pre-Application Opens for Eligible Intermediaries. 
  • Fall 2025 – Funding Announcements – Up to Four Intermediaries Selected. 

Frequently Asked Questions

Impact Investing is an investment strategy that aims to generate social benefits in addition to financial gains. The point of Impact Investing is to use investment capital for positive social results and financial returns.

In the first few phases of this program, intermediary organizations will be eligible to participate. 

MCF will invest through intermediary organizations – organizations that receive investment dollars and then re-lend those to businesses, nonprofit organizations, and individuals. Intermediaries offer geographic and subject area expertise which will help align strategies and local issues. Examples of intermediaries include Community Development Financial Institutions (CDFIs) and Certified Regional Development Corporations (CRDCs).

2024 is limited. However, in 2025, the second phase of the program is open to all eligible intermediary organizations in Montana. 

A newly created Impact Investment Advisory Committee will identify and evaluate investment opportunities. Investments will be evaluated based on their ability to meet objectives set forth in the investment program guidelines. Impact, Financial Return, and Risk are part of the evaluation criteria.

MCF will invest up to 5% of its pooled investment portfolio in Montana investment opportunities. This currently equates to approximately $6.5 million to be invested over the next five years.

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We're Here to Help

For additional help, questions or comments, contact Kacie Tollefson, Vice President, Finance and Administration.