tips to attract reader to magazine

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I am on the editorial board of our Community's Monthly magazine...SWAKULA CHETANA. Ours is a small community and this is the only magazine being published which gives in brief the happenings in our community and knowledge articles. Sadly, the community people though love the magazine and have even written a lot of letters expressing the same, sadly, not many ads are coming.... Thus, we are running under losses since we started the magazine and running the show by pulling together from our pockets. How do you think we can attract advertisers to advertise in our magazine??? Or if you have any other idea on how to increase income to our magazine, I will be very grateful. Regards, Srikanth Matrubai