-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 0pouFdRKYVnQaBvl8OBVSQ==

<SEC-DOCUMENT>0001179110-04-024148.txt : 20041228
<SEC-HEADER>0001179110-04-024148.hdr.sgml : 20041228
<ACCEPTANCE-DATETIME>20041228142501
ACCESSION NUMBER:		0001179110-04-024148
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041227
FILED AS OF DATE:		20041228
DATE AS OF CHANGE:		20041228

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TOWN STEVEN W
		CENTRAL INDEX KEY:			0001265121

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15831
		FILM NUMBER:		041228242

	BUSINESS ADDRESS:	
		STREET 1:		MCF CORP.
		STREET 2:		601 MONTGOMERY ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCF CORP
		CENTRAL INDEX KEY:			0000826683
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				112936371
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		601 MONTGOMERY STREET
		STREET 2:		18THFLOOR
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-2622
		BUSINESS PHONE:		4152485600

	MAIL ADDRESS:	
		STREET 1:		601 MONTGOMERY STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RATEXCHANGE CORP
		DATE OF NAME CHANGE:	20000512

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETAMERICA COM CORP
		DATE OF NAME CHANGE:	19991116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NETAMERICA INTERNATIONAL INC
		DATE OF NAME CHANGE:	19981207
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-27</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000826683</issuerCik>
        <issuerName>MCF CORP</issuerName>
        <issuerTradingSymbol>MEM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001265121</rptOwnerCik>
            <rptOwnerName>TOWN STEVEN W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>601 MONTGOMERY STREET, 18TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Purchase Warrant</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.37</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6250</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>2312.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2001-11-26</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-12-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6250</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>76250</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Class A stock purchase warrant was issued with the Company's November 2001 Convertible Promissory Note.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Steven W. Town</signatureName>
        <signatureDate>2004-12-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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