East River Electric Power Cooperative in Madison has named a new Economic Development Manager. Eric Fosheim, who most recently served as the executive director of the Lake Area Improvement Corporation, will take over the position at East River at the end of August.
Fosheim will lead East River’s economic development efforts and the organization’s Rural Electric Economic Development (REED) Fund, which East River administers on behalf of its member cooperatives. He takes over the role from Linda Salmonson, who retired following a 30-year career with East River.
The REED Fund was created in 1996 by the region’s electric cooperatives as a revolving loan fund, helping to finance hundreds of projects since its inception. The fund provides financing for businesses, non-profits, communities, health care and other vital services important to rural South Dakota and Minnesota. Fosheim will lead the efforts of the REED Fund, as well as work on other economic development efforts on behalf of East River’s 25 member electric distribution systems.
Fosheim’s prior experience includes stints in banking, business development with the Governor’s Office of Economic Development and South Dakota Department of Agriculture and most recently as the LAIC Executive Director.