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Downtowne Dental
Case Study

Taking Advantage of the PPP Loan - How It Was a Lifeline for One Dental Practice

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The Shobergs’ Story

After graduating from Marquette Dental School in 1988, Dr. Paul Shoberg worked for three different dentists in Oshkosh, Hortonville and Appleton before making the decision to purchase Downtowne Dental Group of Appleton with his wife, Suzie, in 1995. Today, the successful dental practice has seven employees providing general, restorative and cosmetic dentistry. Like most people, the Shobergs had no idea how the COVID-19 crisis would affect their business.

“Chris called us before we even had a chance to grab the phone and call him,” Paul said. “He couldn’t have been more helpful.”

After hearing about the PPP loan, the Shobergs, who worked with Chris Nissen, a business banking officer at American National Bank Fox Cities, were very interested.

Paycheck Protection Program (PPP) loans are a type of SBA 7(a) loan created by The CARES Act, which was a relief bill passed in the face of the pandemic.

The Shobergs protected their business with a PPP Loan:

  • American National Bank is a Preferred Lender of SBA loans, which allowed it to have a faster turnaround when approving and processing the PPP loans
  • Community banks, like American National Bank Fox Cities, fund 60 percent of small business loans across the country
  • Small businesses could receive a loan of 2.5 times their average monthly payroll costs or up to $10 million
  • The loan may be fully forgiven if the borrower spends the money properly

ANB: A Reliable Resource

For many business owners, PPP has been a lifeline that has allowed them to pay employees (and themselves) and cover some essential bills during the downturn.

The Shobergs’ experience, like that of many other small business owners, shows how federal rescue loans during the shutdown have given smaller, relationship-driven banks an unexpected opportunity to showcase their strengths – especially their ability to quickly respond to customer needs.

“We’ve had such an excellent relationship with American National Bank all these years,” Paul said. “I would invite anyone to try their services and get to know them. We’ve had people approach us a significant number of times over the years wanting us to bring them our business. I guess when you have something that good going, you don’t want to lose it.”

Ready to Take the Next Step?

Request additional information or contact an ANB lending professional today to learn more about an SBA loan to address your unique business needs: (920) 739-1040.

Learn more about SBA Loans.

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