How to Write a Business Plan

92 | HOW TO WRITE A BUSINESS PLAN

Loans Secured by Personal Property

Bank (or other lender) Terms Amount Owed

Merchant’s Bank Secured by 1989 Honda: 48 mos; will $ 1,000

be paid off Sept. 20xx

Total Personal Property Loans $ 1,000

Loans Against Life insurance Policies

insurance Company Terms Amount Owed

Reliable Life $5,000 against policy; 60 mos. at $ 3,987

6% interest

Total Insurance Policy Loans $ 3,987

Other Liabilities

Name of Creditor Terms Amount Owed

Mother-in-law Whenever I can repay—no worry $ 1,000

Total Other Liabilities $ 1,000

Total Liabilities $ 110,460

Total Net Worth (Total Assets Minus Total Liabilities) $ 91,313

Total Liabilities and Net Worth $ 201,773