John J. Palumbo, long-time president and publisher of Rhode Island Monthly magazine, took out $525,000 in U.S. Small Business Administration-backed loans to purchase the publication from the Providence Journal.
The ProJo reported agreement on the sale this weekend, with the deal to close sometime this week. But Palumbo declined to name the sales price in the story. He did say SBA-backed loans covered 90 percent of the purchase price.
Efforts to reach Palumbo yesterday and today were not successful. The publisher has voiced confidence that he can make the business, which includes several other publications, a profitable one amid tough times for media in Rhode Island and across the country.
SBA reports that two loans for the purchase, one for $375,000 and another for $150,000, came from Washington Trust Bank, which is based in Westerly, Rhode Island.