Collateral a sector desk can value

A bank lends against collateral it can sell quickly to somebody it can name. That discipline is why banks survive, and it is also why a producer whose value sits in marketing authorisations or in fish that are still growing is told to come back later.

Conventional: A traditional lender
IGUAKO: IGUAKO Commercial Finance

Aspect	A traditional lender	IGUAKO Commercial Finance
Collateral accepted	Property, receivables and equipment with an established resale market.	Registrations, live biomass, batch inventory and offtake contracts, valued by the sector desk.
Who underwrites	A credit officer working from financial statements and a policy grid.	A credit officer and the desk that already owns positions in the same industry.
Advance rates	Fixed by asset class in the credit policy and applied uniformly.	Set per facility against verified collateral. Fifty-five per cent against counted biomass.
Verification	An annual audit and a quarterly certificate signed by the borrower.	Independent monthly counts, with availability moving in the week the count moves.
Size of facility	Sized to the balance sheet of the borrower and to the security a bank can register.	Sized to the collateral and the cycle. US$215 million is committed and undrawn across the book.
After drawdown	A relationship review at renewal, and a covenant certificate in between.	A monthly file at the Risk and Valuation Committee, read by people who know the industry.

Commercial Finance lends against exactly those assets, because the institution owns companies that hold them and its desks price them every quarter. The lending is not braver than a bank. It is better informed, verified more often, and structured so that availability follows the asset.