Financing
Option book · ranked by plan costCLICK A ROW TO INSPECT
| # | Option | Lender | EAC | Quote for CLP 55.6M | Term | Plan cost if used alone |
|---|---|---|---|---|---|---|
| 01 | Pre-export loan in USD (PAE) Chosen | Banco del Pacífico Sur | 10% | CLP 0.9M | 60D | CLP 2.1M |
| 02 | Export factoring, non-recourse (bank) | Banco Andino | 34% | CLP 0.8M | 19D | CLP 2.8M |
| 03 | Fintech factoring, with recourse (fast onboarding) | Cordillera Factoring | 33% | CLP 1.7M | 39D | CLP 2.9M |
| 04 | Confirming (supplier payment extension) | Banco del Pacífico Sur | 16% | CLP 1.7M | 60D | CLP 3.4M |
| 05 | Working capital loan (default bank credit) Default | Banco Andino | 27% | CLP 1.1M | 30D | CLP 3.8M |
| 06 | FOGAPE-guaranteed working capital loan | Banco del Pacífico Sur | 13% | CLP 7.1M | 365D | CLP 16.7M |
| 07 | Letter of credit discounting | — | — | not eligible | — | — |
| 08 | Credit line / overdraft | Banco Andino | 34% | CLP 1.4M | 30D | — |
| 09 | CNY forward (sell CNY, cash-settled) | — | — | not eligible | — | — |
In the plan81% probability of negative cash in 19 days (2026-12-30). Plan: Borrow USD 142,400 for 60 days from Pre-export loan in USD (PAE). Cost CLP 2,106,329 vs CLP 3,796,513 for the default bank loan (45% cheaper); cash stays above the buffer in 96% of 10,000 scenarios.Export contract or shipping documents; repaid in USD with the export proceeds.
What each option would cost to close the gapCLP M · same target: cash above the buffer in 90% of scenarios
Exact chance-constrained MILP · CBC · gap 0 · 200 scenarios
Why thisSend to approval
+ CLP 1.7M cheaper than the default bank loan (45%)+ Cash on 2026-12-30, the day of the payroll+ Repaid in USD with the export proceeds (2027-02-28)+ Cash above the buffer in 96% of 10,000 scenarios
Why not the others
− Export factoring, non-recourse (bank): on its own it costs CLP 2,802,079, CLP 695,750 more than the chosen mix (non-recourse: will not buy INV-2026-118, whose buyer already announced a delay)− Fintech factoring, with recourse (fast onboarding): on its own it costs CLP 2,868,455, CLP 762,126 more than the chosen mix− Confirming (supplier payment extension): on its own it costs CLP 3,413,123, CLP 1,306,794 more than the chosen mix− Working capital loan (default bank credit): on its own it costs CLP 3,796,513, CLP 1,690,184 more than the chosen mix− FOGAPE-guaranteed working capital loan: on its own it costs CLP 16,694,246, CLP 14,587,917 more than the chosen mix (shortest term 365 days: interest runs long after the gap closes)− Letter of credit discounting: every eligible invoice is collected before the need date− Credit line / overdraft: on its own it cannot keep cash above the buffer in the target share of scenarios (credit limit, lead time or repayment date); its 30-day repayment lands on a later cash low− CNY forward (sell CNY, cash-settled): a hedge brings no cash: the CNY invoices are collected after the crunch day, so locking their rate cannot pay the payroll, and at this confidence level the FX downside it removes is not worth its spread