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East River Electric and REED Fund award $1 million loan to GROW South Dakota

Tuesday, December 09, 2014

SISSETON — East River Electric Power Cooperative’s Rural Electric Economic Development (REED) Fund has announced a $1 million loan to GROW South Dakota. The loan was officially closed Nov. 19 and will provide supplemental funding to the organization’s housing loan programs which provide affordable housing options to low-income families.

“East River Electric, its member cooperatives and the REED Fund work to grow our rural communities and make a positive impact in South Dakota and we’ve always been appreciative of the work GROW South Dakota has done to assist people in rural areas of the state,” said REED Fund manager Linda
Salmonson. “We’re pleased to be able to partner with GROW South Dakota to provide housing options to people in rural South Dakota.”

GROW South Dakota is an umbrella organization under which many different services are provided. The organization provides funding for programs and initiatives dealing with community, housing and economic development.

“GROW South Dakota would like to thank the REED Fund for their partnership. We are excited to continue to build our housing loan fund to meet unique loan needs in South Dakota.” said GROW South
Dakota CEO Marcia Erickson.

The REED Fund was established by the electric cooperatives in eastern South Dakota and western Minnesota in 1996 to enhance economic development in the region.

For additional information on housing loans, please contact Wade Veflin at GROW South Dakota at 605-698-7654 or visit our website at “GROW South Dakota’s experienced loan officers are
available to individually help households through the loan process and answer any questions.” Erickson noted.

East River Electric is a wholesale electric power supply cooperative serving 24 rural electric cooperatives and one municipally-owned electric system, which in turn serve more than 92,000 homes and businesses and about 250,000 consumers. Our 40,000 square mile service area covers the rural areas of 41 counties in eastern South Dakota and 22 counties in western
Minnesota. This institution is an equal opportunity provider and employer.

Category: GROW SD

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A Half-Century of Serving South Dakotans

In 1978, NESDCAP created the Northeast South Dakota Economic Corporation (NESDEC) as a revolving loan fund to focus on small business lending and job creation in 22 counties. In 2007, Grow South Dakota, was formed to provide housing, community and economic development statewide. Through services to individuals, technical assistance to community and economic development agencies, and loans to small businesses and homebuyers, GROW South Dakota has had broad and lasting impact.

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GROW South Dakota

GROW South Dakota
104 Ash Street East | Sisseton, SD  57262
Phone (605) 698-7654 | Fax (605) 698-3038