Small businesses around Australia will soon be able to develop and grow through a new digital marketplace called Proquo - a start-up joint venture between National Australia Bank (NAB) and Telstra.
Proquo will offer more than two million Australian small businesses an online platform to network, trade or swap services with each other.
Small businesses will be able source a range of services from other providers, create briefs for the work they need, exchange quotes, manage payments and publish reviews all on the one simple platform.
NAB is also looking to boost small capital loans with a new service that allows eligible customers to apply for up to A$50,000 in unsecured funding via an online application process. The NAB QuickBiz Loan will launch this month.
Proquo is a modern interpretation of the phrase quid pro quo and offers users the unique ability to swap or exchange their skills or services in addition to traditional monetary payments.
Proquo was developed by NAB’s innovation hub, NAB Labs and Telstra’s Gurrowa Innovation Lab. While it is a 50/50 joint venture, it will operate as an independent entity.
“Small business is the backbone of the Australian economy; around 97% of all Australian businesses are small businesses and they provide a huge economic contribution to Australia’s current and future prosperity,” says NAB executive general manager micro and small business Leigh O’Neill.
“Small business owners tell us they are continually looking for new ways to do business and we think Proquo will provide them with a unique way to network and grow their business.
Telstra Group managing director Telstra Business, Andy Ellis adds that Telstra supports more than 1 million businesses across the country with technology solutions so they can focus on running their business; and believes Proquo will offer them a new and innovative way to network and help their business thrive.
“Small businesses often struggle to get off the ground and our research shows that the exchanging of services will be a great advantage to many start-ups.
Proquo will begin a pilot phase in June, with a full launch expected in July 2016.
