Business

Business Notebook: Warsaw residents launch NuggetWeb.com e-commerce site

Posted: May. 21, 2014 11:57 am Updated: Jun. 12, 2014 11:15 am

By DOUG WILSON
Herald-Whig Senior Writer

Four residents of Warsaw are operating NuggetWeb.com as an affordable e-commerce site.

Jeff Walker, president and salesman, said the company has been operating since January. He said it has a reach far beyond West-Central Illinois, helping clients who lack the technical know-how or the finances to hire in-house experts, but who want an online presence.

"We specialize in Web hosting and professional Web services. Our primary goal is to provide Web services at an affordable price to small and medium-sized businesses," Walker said.

Jeff Walker's brother, Tim, is the company's chief technology officer. Crystal Lozano is handling startups and communications. Jeff Walker's wife, Reva, is the company accountant.

Tim Walker said he hit on the idea of setting up an e-commerce site for small companies after his girlfriend was trying to sell items through eBay and found that the fees were prohibitively high.

NuggetWeb provides clients with a private, coupon-ready website, predesigned sites for clients just getting started and expandable space for $9.95 a month. Additional features are available for $14.95 or $24.95 a month.

NuggetWeb will hold a grand opening June 2 at 412 Main in Warsaw.

Dis-n-data

Legislation proposed in the U.S. Senate would allow college students and former students who took out student loans before 2013 to refinance their debt to get an annual interest rate of 3.86 percent. That's the rate now offered to new borrowers. ... Florida led the nation in real estate foreclosures in April. RealtyTrac reports that one of every 400 homes in the state were subject to foreclosure. Eleven of the 20 top foreclosure rates for U.S. metro areas were in Florida. ... JP Morgan Chase & Co. will invest $100 million over the next five years in Detroit as the city goes through the nation's largest municipal bankruptcy. Half the money will be in grants that target blight or teach workers new skills. The other half will go to residential and commercial development outside the city's thriving downtown. ... Russian billionaire Dmitry Rybolovlev has been ordered by a Swiss Court to pay his wife, Elena, a little more than $4.5 billion in a divorce settlement. Rybolovlev, 47, has been ranked No. 148 on Forbes list of billionaires, with an estimated worth of $8.8 billion. ... Credit Suisse has agreed to pay $2.6 billion to settle a case filed by the U.S. Justice Department. Attorney General Eric Holder accused the bank of recruiting wealthy U.S. clients to hide assets and avoid taxes through secret bank accounts.

The good

The National Retail Federation reports that retail employment has increased by 241,000 jobs year-over-year through the end of April.

The bad

Fraud is estimated to cost global businesses $3.7 trillion a year, according to a report by the Association of Certified Fraud Examiners. Audits help find some fraud, but internal controls are the best protection, the association said.

The ugly

The Vatican's Financial Information Authority received 202 reports of suspicious financial transactions in 2013. That is up from six reports in 2012 and one in 2011. Only five of the 2013 reports were referred for review by prosecutors.

Quote of the Week

"I think the United States has discovered or rediscovered that industrial jobs are creating value, that you need to attract those investments into the country."

-- Lufthansa Chief Executive Carsten Spohr, telling told Reuters that his company invested in the U.S. to benefit from low energy prices and good infrastructure

-- dwilson@whig.com/221-3372

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