FINANCIAL_SERVICESPENDING

Hibbing Economic Development Authority Regular Meeting Agenda May 2026

HEDA considers $150,000 bridge loan to AMGS

$150,000THE HRA OF HIBBING, MINNESOTAADVANCED MACHINE GUARDING SOLUTIONS INCMay 4, 2026

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Description

Hibbing Economic Development Authority is considering a $150,000 working capital bridge loan to Advanced Machine Guarding Solutions Inc. under a Business Subsidy Agreement to support short-term liquidity and job retention. The loan would carry a 3.0% fixed rate with subordinate security and personal guarantees, and is expected to be repaid within several months or incorporated into existing amortization.

Contract Details

Contract Amount

$150,000

Vendor

ADVANCED MACHINE GUARDING SOLUTIONS INC

Agency

THE HRA OF HIBBING, MINNESOTA, MN

Contract Type

FINANCIAL_SERVICES

Document Date

May 4, 2026

Contract Term

Up to 5 years (structured as short-term bridge); anticipated repayment within 3–4 months or by year-end 2026

Renewal Info

New revolving loan fund working capital loan; staff recommend 3.0% fixed interest, up to 5-year term with expectation of short-term bridge repayment and potential incorporation into existing loan amortization if not repaid by 2026.

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