B1. Standard Transaction Parameters

Parameter	Value
Invoice Face Value	$10,000
Advance Rate	80%
Advance Amount	$8,000
Tenor	60 days
Investor APR	8%
Investor Yield	$105.21
Expected Loss (Face-Based EL)	$90
Recourse Ops Cost	$50
Non-Recourse Ops Cost	$85

All waterfalls and unit economics below use these exact parameters.

B2. RECOURSE MODEL - Pilot Phase (Platform Subsidized)

SME pays 3%, platform absorbs investor yield

B2.1 Cash Waterfall

Buyer pays $10,000 → allocated in this order:

Priority	Recipient	Amount
1	Investor Principal	$8,000.00
2	Investor Yield (8% APR)	$105.21
3	Platform Fee Revenue	$300.00
4	SME Final Payout	$1,594.79
Total Distributed		$10,000.00

SME Total Received = $8,000 + $1,594.79 = $9,594.79

SME All-In Cost = $10,000 – $9,594.79 = $405.21 (≈ 3%)

B2.2 Unit Economics (Pilot Recourse)

Note: Here, platform subsidizes investor yield, meaning yield is treated as a cost.

Revenue
  SME Fee (3.0%)                      +$300.00

Costs
  Investor Yield Subsidy              -$105.21
  Operations Cost                     -$50.00
                                       --------
Net Contribution Margin               +$144.79

Margin: $144.79

Margin Rate: 48.3%

Status: Subsidized / Pilot-only

This model is NOT used for scaling.