Ending the auction: Final steps
Remember: Maximum 19 investors
You can only have a maximum of 19 investors within your company as allowed by Colombian law. Therefore each investor can offer a minimum of: Your target amount / 19 until you reach 100%.
You request a loan of COP $ 50M, the minimum amount will be: 50/19 = COP $ 2.6M. You can collect the funds when you have raised 50 * 80% = COP $ 40M.
You cannot exceed 100% of the requested amount, so when you get near to the end, you can decrease the amount of the last investor to adjust it to your target amount. You can also request the funds when you reach 80%: it is your decision whether to wait until you reach 100% or to start at 80%.