When Ryan Fritsch took over as CEO of Noveco Surfaces in 2024, his vision was clear – he wanted to scale the startup from a small, University-led manufacturer into a much bigger player in the circular economy.

He recognised the potential of the company’s product to drive a whole new approach to engineered stone benchtops. But it was more than business success driving him: Noveco’s business was also about a much-needed solution to a real social ill: the silicosis health crisis tied to traditional engineered stone.

“I knew we had something special, but we needed to think bigger – both in terms of the products we were offering and the impact we could have on the industry,” Ryan says.

Part of his vision to ‘think big’ was to expand into larger production facilities. The small-scale manufacturer was adept at taking waste– recycled glass, polystyrene and even surplus medical waste like face masks – and transforming it into silica-free bench-tops and tiles.

But Ryan recognised the company’s existing manufacturing facility, though functional, was too small to meet the growing demand for its products.

“I told my founder, Andy, ‘We can’t do bench tops in our current setup; it’s like trying to lift a motorcycle by hand,'” he says.

Noveco’s problem was not merely a logistical challenge but a financial one. In addition to a new facility, new investments were also needed in technology and equipment if Noveco was to transform itself from small-scale manufacturing and work towards Noveco’s goal of creating a safe and innovative manufactured alternative for engineered stone.

Partnering with a commercial broker

After encountering a setback dealing with another lender directly, Ryan sought the help of Hunter Valley-based broker Paul Hermann, Managing Director of Berea Park Financial, to find a financial solution for Noveco Surfaces. Paul was eager to introduce him to a lender that could support his client’s growth ambitions.

“My ability to understand the vision and growth potential of Noveco, combined with my knowledge of NAB’s products, lending policies, and credit appetite allowed me to easily identify NAB as the right partner for Noveco Surfaces,” Paul says.

“We were able to structure a suite of commercial lending products including trade finance, equipment finance, foreign exchange products, working capital products and a business loan that would support their business vision to expand into large-scale production of silica-free bench-tops and tiles.”

“The success of this transaction comes down to the inherently topical nature of the product and the solution that Noveco products are providing to the health of Australians, and by also addressing Australia’s massive waste problem,” Paul adds.

The power of relationship banking

Once Paul connected Noveco with NAB, things clicked immediately, according to Ryan. Supported by NAB’s Senior Business Banking Manager, Belinda Collis, through NAB BDM, Alan Buxton, Ryan felt the entire team immediately understood the company’s vision and growth potential.

“Being surrounded by a team of professionals who wholeheartedly believe in the vision of our company has been instrumental to the outcome we’ve achieved with NAB,” Ryan adds. “We didn’t have to exhaust resources doing a roadshow with multiple lenders.”

The strong relationships built on a shared understanding of the business’ needs ensured Noveco received the appropriate funding solution from NAB.

“At NAB, we want to set businesses up for success, not failure, and a key part of this is understanding the business, resonating with their ethos and doing them justice by sharing their story with relevant NAB stakeholders,” says NAB’s Belinda Collins.

“What we achieved for Noveco was the culmination of the incredible hard work and trust that occurred across all parties,” Belinda adds. “Relationship banking is at the heart of what we do at NAB, and I truly believe that by putting the right team together, we achieved a fantastic outcome.”

Echoing Belinda, Paul Hermann adds: “The care and trust I’ve experienced working alongside Alan and Belinda was the key to our success and enabled us to achieve a fantastic result.”

Bringing Noveco Surfaces’ vision to life

That collaborative partnership has since become the cornerstone of Noveco’s growth:

“Without the hard work, trust, and knowledge of my broker Paul, I never would have thought the outcome we achieved with NAB would be possible,” Ryan explains. “NAB believed in our vision from day one and were willing to provide the financial runway we needed to bring it to life.”

As the Bank Behind the Broker, NAB is committed to the ongoing support of brokers and their customers .

“The level of belief that my broker and the team at NAB showed in us was extraordinary. We’re a small manufacturer, yet they understood the bigger picture— that we’re seeking to become a market leader in Australia for responsibly manufactured benchtops and tiles.”

“Being backed by NAB will no doubt act as a pillar of support to our business growth,” Ryan says.

Disclaimer

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