Private credit — Chile MMXXVI
Term capital for Chile’s mid-market.
Pragmatia is a private credit platform for established Chilean companies: senior term loans, sized and structured around the cash flow of the business — not the owner’s house.
A market with crowded corners and an empty middle.
We mapped who lends what in Chile. Banks lend against collateral and personal guarantees; factoring owns the short end; institutional funds start at corporate scale. In the middle — medium tenor, medium ticket, cash-flow credit — supply thins out.
Traditional banks
require personal guarantee or mortgage
Factoring
30–120 days · the dominant product
SME fintech
up to ~USD 100K
Fogape / State
state guarantee · sales caps apply
Corporate funds
USD 5M+ · corporate & real estate
Here.
direct term credit
no real-estate collateral
of formal business credit in Chile is bank credit. For most companies there is no second door.
of loan rejections cite insufficient collateral — the most common reason, ahead of payment capacity.
the rejection rate a mid-sized company faces relative to a large corporate, for the same request.
in local private-debt AUM — almost none of it reaching the mid-market as direct term credit.
Sources: ELE-5 / ELE-7 (Ministry of Economy · INE), CMF, ACAFI — 2025.
Senior term credit, underwritten on the business.
We lend to established, cash-flow-positive Chilean companies that banks under-serve — not because the credit is weak, but because the collateral is. Our underwriting reads the operating business: revenue quality, margins, seasonality, concentration. Not the owner’s personal balance sheet.
- Instrument
- Senior term loan
- Ticket
- USD 0.5 – 5 million
- Tenor
- 12 – 36 months
- Amortization
- Matched to the operating cycle
- Underwriting
- Cash-flow based
- Collateral
- No real-estate requirement · no personal mortgage
- Borrowers
- Established Chilean companies, annual sales above ~USD 4M
- Decision
- Days, not months
Indicative parameters. Each facility is structured and approved on its own credit merits.
Four steps. No theater.
-
01
Conversation
Thirty minutes on the business: what you do, how you get paid, what the capital is for.
-
02
Numbers
We read the operating reality — sales, margins, seasonality, customer base. A company is legible through its cash flow.
-
03
Structure
A proposal built to fit: amount, tenor, amortization that breathes with your cycle. The full cost, visible before signature.
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04
Capital
Disbursement and follow-through. We do well when the business does well — that is the entire incentive design.
-
i
Cash flow governs.
A healthy business is legible in its cash generation. Everything else — forms, collateral, habit — is subordinate to that reading.
-
ii
Speed is respect.
A slow answer is also an answer. We respond in days, including when the answer is no.
-
iii
No fine print.
The full cost of credit, visible before anything is signed. If it needs to be hidden, it is badly built.
-
iv
A fast no over a slow maybe.
Not every loan is a good loan — for either side. An honest no preserves the relationship for the credit that fits.
פרגמטיא
pragmatia
From the Greek pragmateia: commerce, merchandise, the matter at hand. The word travelled two thousand years — from Greek into the Aramaic of the Talmud, from Babylonia to Santiago — to name what it always named: business in motion.
Midrash — Bereshit Rabbah 72:5
Two conversations we welcome.
For companies
If your company generates real cash flow and growth is asking for capital your bank doesn’t understand, write to us. We are building Pragmatia’s first lending program in Chile — it improves with every conversation.
For capital partners
We are in conversation with credit funds, family offices and development lenders on warehouse and fund structures. If Chilean mid-market private credit fits your mandate, we would like to compare notes.
We reply within 48 business hours.