The Washington Trust Company, in Westerly, provided a $110,000 Small Business Administration loan to Buscon Associates, of Providence, to purchase the assets of The Providence American newspaper, a community newspaper that provides a minority perspective for persons of color living within Greater Providence.
Peter Wells, of North Providence, is the owner of Buscon Associates.
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The Providence American, at 131 Washington St., has historically targeted African-American communities in Providence, East Providence, Newport and New Bedford, Mass.
As the new owner of the newspaper, Wells is looking to make the paper more professional and to broaden the target market to include a more diverse minority population, including Cape Verdeans, Latinos, Asians and Native Americans. Wells projects a circulation increase from 5,000 to 10,000 readers.
