Newsflash

A District program established to invest in small businesses that would in turn create jobs for city residents has yielded just 31 new jobs at a cost of $76 million, according to a report by D.C. Auditor Deborah K. Nichols.

Nichols is recommending that the city terminate the Certified Capital Companies program, known as CAPCO, which is managed by the Department of Insurance, Securities and Banking. Its commissioner and a director struggled to explain the program's benefits at a D.C. Council hearing yesterday.

According to the report, the program had $54 million in start-up and administrative costs and invested $22 million. Over five years, the investment money was poured into businesses that employed 205 people. After the investments, they employed 236 workers, an increase of 31 jobs.

"It is clear that the District's CAPCO program has not had the desired economic impact," Nichols wrote in the report.

Firms that invest in small companies through the program are given tax credits. Originally, it was thought that the lost revenue would be offset by rises in income, sales and business taxes.
 


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Written by Administrator   
Monday, 09 August 2004
Paromita Pain

You must be sick of the word social networking now, what with constant talk of the action in the space.

So, what’s new that’s happening here, you might ask.

But Apna Circle ( http://www.apnacircle.com/) says it is different. Unlike other networking sites, ApnaCircle says it focuses more on career aspects.

“Most networking sites either focus on the social aspect or the professional aspect. We are trying to provide a healthy mix of both. Most professional sites only provide serious information. We try to incorporate the fun element as well. Some applications on the site make the users’ experience very local, such as SMS, and job searches which are fun and useful,” says Yogesh Bansal, Founder & CEO, ApnaCircle.com. The idea struck in 2006, when he moved from the US to India and realised that for Indian youth, career and friends were equally important. “At that point there was no such platform that would have catered to both aspects,” he says.

The site is a neat, uncluttered one. It loads easily. Navigation is easy.

The registration form might seem rather detailed but filling in the correct information is important. You never know when the recruiter of your dream job comes knocking.

Your privacy is not comprised. The site is full of features that let you decide who can see your profile.

The concept of recommendations is an interesting one. You can recommend suitable profiles for jobs or you can get recommended in turn.

For the philanthropic-minded the site has a section called “Causes” which is about local, regional, national and international issues and problems with global implications.

Like any other start-up, ApnaCircle also faced many bottlenecks. “Hiring the right kind of talent, funds, creation of the right team, were issues we have managed to sort over time,” says Bansal.

“This is an informative site, especially for the passive job seeker.” You don’t have to do much searching.

Recruiters looking for profiles should find yours. Apart from this, one can also network with potential employers and professional acquaintances, says Bansal.

Feedback is important. As Bansal says, “Users do share their feedback — both positive and negative. Accordingly we have been trying to improve our services. This has helped us create a site that is user friendly and user oriented. We are still working on revamping the site and you will have a very new site in six months.”
Last Updated ( Monday, 16 March 2009 )
 
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