FINANCIAL_SERVICESPENDING

Hibbing Economic Development Authority Regular Meeting Agenda April 2026

Proposed $150K HEDA Bridge Loan to AMGS

$150,000THE HRA OF HIBBING, MINNESOTAADVANCED MACHINE GUARDING SOLUTIONS INCApril 16, 2026

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Description

HEDA is considering a $150,000 bridge loan and business subsidy agreement with Advanced Machine Guarding Solutions Inc. to supply short-term working capital while the company restructures its equity to support growth. The loan builds on prior HEDA assistance and includes job retention and creation commitments.

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

April 16, 2026

Contract Term

Bridge loan expected to be repaid within 3–4 months; business subsidy operations commitment at least five years from subsidy

Renewal Date

2031-12-31

Renewal Info

Business Subsidy Agreement requires AMGS to maintain at least 22 jobs and create 2 new positions and to operate in Hibbing for five years; HEDA may call the loan if criteria are not met. AMGS also benefits from related IRRR and DEED loans, grants, leases, and land contributions outlined in the agreement.

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