Distribution plan · L2F-DIST-01
The market already exists. We only have to capture it.
Prepared for the management of an authorised Spanish crowdfunding firm (PSFP). Companion to proposal L2F-PP-01
29 October 2026
This note is how we capture demand that is already looking for two contracts which do not meet today. A business wants a loan repaid every month, in the size and shape we offer, and cannot find it. A person wants an investment that pays that money back every month, and cannot find that either. We do not invent either queue with cold ads. The framework — an amount, a yearly rate, a term, and a fixed instalment — is built so that search lands on its own once the name is known. Until then, we sit where the intent already is.
01The market already exists — we only have to capture it
Fixed-instalment loans. The business receives the principal and repays it every month. The person who lends sets the yearly rate they will accept and is paid that same instalment, every month. You decide the credit. Both queues already exist; the channel that would join them does not yet.
Businesses — CESGAR, XV Informe (2025). 51.2% of SMEs needed finance (~1.83 million). Micropymes, 64.1%. Autónomos, 39.2%.
Why this is the demand. Businesses need liquidity for large one-off payments, repaid from what they invoice each month.
Why this demand goes unmet. They barely reach crowdfunding. Many are too small for named project boards.
Businesses — MicroBank, 2025. 30,506 entrepreneurial microcredits, €662.4m (+19%). Average €21,713. 67% to expand or consolidate a business that already exists.
Why this is the demand. The ticket and the shape are already written at scale: an amortising loan of a few tens of thousands, for a real business.
Why this demand goes unmet. That path has a gate: business plan, viability report, and a CaixaBank branch. It does not open the week a quote is accepted.
Investors — Universo Crowdfunding, 2025. €761.6m raised (+45.8%). On Civislend, single projects gather hundreds or thousands of investors; many 2025 sheets pay interest at maturity.
Why this is the demand. People already lend regulated money, in small amounts, and already ask how often they get paid.
Why this demand goes unmet. They have to read a promotion. There is no standing mandate: rate + term, and the instalment every month on the next approved business.
Investors — Household term deposits ~2.02% TEDR (BdE, August 2026). Colectual sells “get your money back every month” (~2,000 investors, ~€6m on its homepage) and the investor still picks project by project.
Why this is the demand. Being paid every month is already the line these products are sold on. People are looking for it.
Why this demand goes unmet. A deposit at 2% does not return principal in instalments. Nobody runs, at scale, the mandate where you set the rate once and the next approved business comes in on its own.
Capturing it means joining the two queues: amount, rate, term, and the money that moves every month. The framework is that place. The next two sections say how we fill each side.
02How we will attract businesses
Over the long term, the framework is the channel. The business posts an amount, the highest yearly rate it will pay, and a term. Before it commits, it sees the monthly instalment, fixed. That screen is the answer to what is already being searched: what it costs per month to finance the VAT, the fit-out, or the machine. There is no promotion to read, no branch appointment, and no invoice to assign.
- The search and the product are the same sentence. Someone who types a monthly-instalment loan for an autónomo, finance for fitting out a shop, or a loan for a van lands on a screen that answers with the instalment and lets them continue. There is no second product to explain. That is why, once the name is the result of that search, organic traffic converts on its own.
- Matching does not wait for a campaign. A file your desk has approved fills when a lender’s rate and term fit. The next business finds an open market, not an empty form.
- The instalment that gets paid is the distribution. A borrower who has paid it for twelve months comes back for the next machine and tells their gestoría. Each funded cycle leaves a page that is useful for the same search, without us buying the visit.
- This is not free demand in month one. Organic compounds once the name is already the answer. Until then, we go to the person who has the question in front of them.
Until we are known, capture is commercial and local: the professionals who are already sitting with the need. We do not buy national ads to invent it. The introducer approves nothing. They hand over a code and a link; the business enters the same intake; we assemble the file; your desk decides.
- Map, in one primary city and a second hub, the people who touch autónomo and micropyme cash every week: gestorías, fit-out contractors, equipment and vehicle suppliers, and credit brokers.
- Sign a one-page agreement your counsel approves: businesses only, forbidden phrases, data handoff, and the same pay for everyone — a reference code plus a share of channel commission, only if the loan funds.
- Give each introducer a unique code and a private link or QR into intake, under your channel brand. The code rides inside the link and is stamped on the file.
- The business finishes intake in about ten minutes: amount, maximum rate, term, purpose, identity, and IBAN. It sees the instalment before it continues.
- We close the pack — documents, criminal-record certificate, draft KIIS fields — and only what is ready for the desk reaches you.
- Your desk decides. What is approved is listed and matched on your rails. A miss is worked under your playbook. At months 6 and 12, a borrower that is current is tagged as a feeder into your larger products.
A — Introducers
What it is. Gestorías, credit brokers, fit-out contractors, equipment suppliers, and the rest of the table below
Weight at the start. The engine. Target: at least seven in ten files
B — Direct into the framework
What it is. Someone who arrives by a search, an invite, or a page for one concrete purpose. No national spray
Weight at the start. Grows once the name answers the search. Not the volume plan for the first 90 days
C — Referrals you send, optional
What it is. Buckets you designate: below your floor, or a client of another product who asks for a term loan
Weight at the start. Only if you switch it on. Source A does not depend on it
D — Associations
What it is. ATA, chambers, and trade bodies, by invitation, once A is producing
Weight at the start. From month 4
Signed target for the first 90 days, in that city plus the second hub: 15 gestorías, 10 fit-out contractors, and 5 suppliers, plus the first credit brokers. Of all of them, about 8–10 active, meaning they send at least one file. Depth in two places, not a map of Spain.
Gestoría / tax adviser
Why their clients ask for this loan. Keeps the books, the tax, and often the payroll. The client asks for the loan when a VAT payment, a social-security settlement, or an investment the accounts already show cannot wait for the branch.
Why they see it. Sits with the tax calendar and with bank delay on small tickets. The client already talks to them about money.
Who they bring. Autónomos and micropymes: tax, equipment, a fit-out, an expansion the branch will not hurry.
Credit broker
Why their clients ask for this loan. Shops loans and leasing for someone who has already decided to borrow. Shows up when the bank stalls, trims the amount, or says no.
Why they see it. Their job is the bank residue. The closest seat to the files the branch does not close.
Who they bring. SMEs already seeking the band — on the order of €5,000 to €50,000, or the band you set — who came out slow, partial, or declined for size.
Fit-out contractor
Why their clients ask for this loan. Quotes the obra: a kitchen, a shop, a clinic, an office. The client asks for the loan once the quote is accepted and materials and labour have to be paid before the space earns again.
Why they see it. The work stops until the money is there. The need has a date.
Who they bring. Hospitality, retail, clinics, offices, and services funding the obra.
Equipment, vehicles, fit-out kits
Why their clients ask for this loan. Sells the van, the machine, or the kit, and often offers lease at the counter. The client asks for the loan when the asset is chosen and lease or bank is slow, partial, or unavailable.
Why they see it. The order is ready to leave. The finance at the counter is not.
Who they bring. Transport, workshops, farms, clinics, and trades.
Insurance broker (SMEs, fleets, liability)
Why their clients ask for this loan. Renews the policy. The client asks for the loan when a premium, compulsory cover, or a post-claim replacement has to be paid in one go.
Why they see it. Renewal and the claim surface cash the business does not have spare.
Who they bring. Fleets, workshops, retailers, and services.
Card terminals and payments onboarding
Why their clients ask for this loan. Installs the terminal or online checkout. The client asks for the loan when payments are about to go live and they need stock or a piece of equipment without emptying the till.
Why they see it. The moment payments open is the moment the stock has to be bought.
Who they bring. Retail, hospitality, and online sellers.
Franchise or brand consultant
Why their clients ask for this loan. The network calendar forces the deposit, the fit-out, and the opening stock before the till rings.
Why they see it. The outlet does not open without that outlay, and the date belongs to the brand.
Who they bring. Franchisees and multi-site operators.
Landlord of a unit, coworking room, or shop
Why their clients ask for this loan. The lease is agreed and the deposit, the fit-out, and the first months are still unfunded.
Why they see it. The empty unit costs them until the tenant can pay.
Who they bring. New tenants.
Association, ATA, or chamber (later)
Why their clients ask for this loan. The member asks once the bank has already been slow: tax, a vehicle, premises, stock.
Why they see it. The trust belongs to the trade, not to an ad.
Who they bring. Micropymes in that trade: commerce, transport, hospitality, workshops.
Every Source A introducer is paid the same way, and they will not do it for brand love. A reference code, and a disclosed share of the channel commission on loans stamped with that code — not a percentage of principal. Only if the loan funds, and as the commission is collected. Illustrative numbers, closed in the term sheet: for example, 25% to 40% of the 2.00-point channel commission. On a decline, zero. If the file was already known to you, term-sheet attribution decides. The fee is never paid for steering an investor to a particular borrower (Article 3(3) of Regulation (EU) 2020/1503): it comes out of channel commission, not out of the lender’s return.
Days 0–14
What has to have happened. Intake, reference code, and checklist wired to your sandbox. One-page agreement and sector scripts drafted. End-to-end dry run on one fictional file.
Days 15–45
What has to have happened. First introducers signed, gestorías first. At least 5 live files submitted, at least 1 funded, and at least 70% of submitted files arrived through an external channel.
Days 46–90
What has to have happened. Fit-out and suppliers switch on. At least 20 files submitted, at least 8 funded, at least 5 active introducers, and the path of one missed instalment exercised at least once.
What we need from you for this capture to be real, rather than a brochure: a named lending owner, the slice of credit policy that applies to this channel, the band of commission the introducer keeps, and a yes or a no on Source C referrals. Money does not pass through us. The name on the contract is yours. If you revoke the keys, introducer links die the same day. Introducers may not call this a deposit, a savings account, or a guaranteed return, and they may not offer consumer personal loans.
03How we will attract investors
Over the long term, the same framework is the channel, from the other side. The person posts an amount, the minimum yearly rate they will accept, and a term. Before any money moves, they see what comes back every month: principal and their interest. That screen is the answer to “paid every month.” They do not study a promotion. The business that comes in has already been approved by your desk. The match follows the rate and the term.
- The search and the product are again the same sentence. Someone who types that they want an investment which pays them every month lands on a figure and a standing instruction, not on a catalogue of building sites. Once the name is that result, organic traffic converts because the page is the product.
- The protections sit on that same screen, once: the knowledge test, the loss simulation, the key investment information sheet, and the four-day reflection. They are not a separate brochure. Someone who does not pass them does not get to lend. The screen says the capital can be lost.
- The instalment collected is the retention. Every month the money returns to the same IBAN, or it stays and funds the next approved business, if that is what they chose. The second loan does not need a new ad. The book feeds itself.
- Owned content (mandate vs picking a project, risks, defaults, “not a deposit”) feeds that same search. It is the organic half of the lender plan: it compounds over months, not with the first ad.
Until we are known we build an independent lender base. Your investor book, if you open it, is additive — not the plan. We do not quote a rate at a cold list. A waitlist that promises a return is already promotion. The product we sell is a mandate (amount + minimum rate + term → match), not an open project. Operating detail: docs/lender-distribution.md (L2F-DIST-02).
Finance affiliates & publishers
How we capture. Crowdlending blogs, personal-finance sites, newsletters, and comparison pages. Reference code → share of channel commission on that account’s first loan. Primary paid scale.
Target weight. ≥40% of newly funded lenders in the first 6 months
Investor referral program
How we capture. Existing Lend2Friend lenders invite peers with a code. Same rule: share of channel commission on the referred account’s first loan. Includes the circle around the first real collection — the proof is an instalment, not an argument.
Target weight. ≥25%
Owned content + SEO
How we capture. Pages that teach the mandate, the risk, and why this is not a deposit. No code payout: it is ours. Same organic path as the framework, measured separately.
Target weight. ≥15% over time
Measured paid social / search
How we capture. Meta and Google, with risk at equal prominence. Attribute deposit → matched euros. Cap stays low until CAC works. Media spend, not a code-commission share.
Target weight. ≤15% until CAC works
Creators / micro-influencers
How we capture. Finance creators; compliance reviews scripts. Fixed amount per signup through their code (capped per creator / period) plus the same first-loan channel-commission share. Never paid for steering into a named open loan.
Target weight. ≤10%
Advisers / EAFs
How we capture. People who already watch a deposit mature and get asked what will pay every month. At the start, a short circle in the launch city. At scale, after month 6: portal and due-diligence pack; personalised recommendations only.
Target weight. Short circle at the start; scale after month 6
Your investors, if you want
How we capture. They have already passed your onboarding. The lender side can be alive on day one because it is yours. Additive: the volume plan does not depend on you handing us the list.
Target weight. Optional, your switch
One pay rule for every reference code (affiliate, referral, creator, adviser): a disclosed share of channel commission on that account’s first funded loan — not a percentage of principal; €0 if the account never funds. Signup alone does not earn. Creators may also get a capped fixed amount per signup, closed in the term sheet. Never paid for steering to a particular borrower (Article 3(3) of Regulation (EU) 2020/1503). Open-project ads: no disproportionate promotion (ECSP Art. 27); risk at equal prominence; no deposit or guaranteed-return language (CNMV Circular 2/2020).
- Arrive with a reference code (affiliate, referral, creator, campaign, or adviser).
- Register → payment-firm identity → knowledge test → loss calculator → service KIIS.
- Set the mandate (or confirm each loan if portfolio management is not on the authorisation) → four-day reflection → fund on your rails.
- Match into businesses your desk has approved. On the account’s first loan, settle the code’s commission share. Measure: code → deposit → matched € → book → unpaid by cohort.
- Kill switch: revoke codes and campaigns the same day you ask.
Days 0–14
What has to have happened. Lender signup and ECSP protections rehearsed in the sandbox, end to end. First affiliates and referral codes ready. Closed list of the adviser circle in the launch city. No ad that quotes a return.
Days 15–45
What has to have happened. Affiliates and referrals live. Conversations open where crowdlending is already compared. First lenders who set a rate and a term and accept a match on a file your desk has approved.
Days 46–90
What has to have happened. At least 20% of channel volume filled by Lend2Friend-acquired lenders. A monthly collection seen live or on the test path. Mandate reinvestment usable. Paid social / search only if early-cohort CAC holds. Still no advertised rate.
Month 12
What has to have happened. Target: ≥60% of channel volume filled by our own lenders. Advisers / EAFs running if counsel allows. Your legacy book, if it was on, deliberately lower in the mix.
The lender can lose the principal. The screen says so, and it says so before the money moves. We do not describe the product as a deposit, a salary, or a guaranteed income. What we offer, and what those people are already looking for, is something else: choose the yearly rate, be paid principal and interest every month, and have the next approved business not ask them to be an analyst again.
04Sources
The figures above are published facts. They are not a forecast for this channel and not a promised return.
- CESGAR, La financiación de la pyme en España, XV Informe (2025 results): 51.2% with financing needs; micropymes 64.1%; autónomos 39.2%; working capital 73.0%; productive equipment 33.2%; property 12.0%; supplier credit 66.4% of non-bank finance; grants 31.8%; family and friends 1.8%; crowdfunding and crowdlending residual; price 21.6%; lack of guarantees 16.6%; the lender does not understand the business 10.5%; 92.8% obtain and accept the bank finance they asked for; 90.4% receive 100% of the amount; guarantees required of 39.2%; shorter term than wanted 9.8%.
- MicroBank / CaixaBank, note and 2025 annual report (24 March 2026): €662.4 million, 30,506 entrepreneurial microcredits, average €21,713, +19%, 67% to expand or consolidate. Access conditions: published business-microcredit sheets (business plan, viability report from a collaborating entity, CaixaBank branch, amount caps and amortising term).
- MytripleA, public sheets for company loans (from €50,000, monthly instalments) and factoring (from about €3,000, debtor pays at maturity), and the FAQ on how each product is repaid.
- Grow.ly, public company sheet (from €6,000, at least three years of accounts and €400,000 turnover) and investor sheet (monthly, quarterly, or bullet interest; loans-granted counter).
- October, run-off page: since 2024 it offers no new finance and no new lender accounts. Extinction of October España Plataforma de Financiación Participativa, S.L., 20 September 2024.
- Universo Crowdfunding, crowdfunding in Spain 2025: €761.6 million; real estate €566.2 million (74.3%); crowdlending €75.9 million (+403.8%), explained by Enerfip, Fundeen, and MytripleA.
- Civislend: public 2025 financed figure and average project size in earlier disclosures, already used in L2F-PP-01. 2025 project sheets with bullet interest (Adeje Homes, La Florida Alicante, Jardines del Puerto de Santa María) and the public history of investors per project. El País, 12 July 2025, on choosing a project and on monthly, quarterly, or maturity payment.
- Colectual, homepage: monthly repayments, investors, volume financed, and average return as published by the platform itself.
- Banco de España, TEDR on new household term deposits, August 2026 (2.02%). INVERCO, domestic funds at end-2025 (€450,889 million; net subscriptions of €32,427 million; weight of deposits and of collective schemes in household financial savings).
- Regulation (EU) 2020/1503, Article 3(3): an introducer’s pay may not consist of steering the investor to a particular borrower.