Hibbing Economic Development Authority Meeting Agenda May 2026
HEDA Weighs $150,000 Bridge Loan for AMGS
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Description
HEDA is considering a $150,000 working capital bridge loan to Advanced Machine Guarding Solutions Inc. to stabilize operations and retain 22 local manufacturing jobs following tariff-related revenue declines. The loan would carry a 3% fixed rate with repayment expected within months and no later than 2026 under HEDA’s revolving loan fund guidelines.
Contract Details
Contract Amount
$150,000
Vendor
ADVANCED MACHINE GUARDING SOLUTIONS INC
Agency
City of Hibbing, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
Contract Term
Up to 5 years (structured as short-term bridge), anticipated repayment within 3–4 months and no later than year-end 2026
Renewal Date
2026-12-31
Renewal Info
Single bridge loan anticipated to amortize into existing working capital loan if not repaid by year-end 2026; no formal renewals specified.
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