EXHIBIT 10.2


                               GREAT WESTERN BANK



December 12, 2005

Board of Directors
NEDAK Ethanol, LLC
118 East State Street
Atkinson, Nebraska 68713

        Re:    Term Loan Financing

Ladies and Gentlemen:

        This will confirm the discussions that have occurred between Great
Western Bank, N.A. (the "Bank") and NEDAK Ethanol, LLC ("NEDAK") concerning
permanent long term financing (the "Loan") relating to the constructing,
equipping and start up of operations of an approximately 30 million gallon per
year ethanol production facility (the "Project"). Subject to the terms and
conditions hereinafter stated, the Bank presently intends to provide financing
to NEDAK on approximately the following terms:

     a.   LOAN AMOUNT: $30 million maximum.

     b.   INTEREST RATE: 8%, variable, adjusted annually based on prime rate
          changes.

     c.   CONSTRUCTION LOAN: $16 to $30 million.

     d.   PERMANENT LOAN: $16 to $30 million.

     e.   MATURITY: The bank will initially provide for up to an 18-month
          construction loan, which will then convert to a permanent loan
          repayable over a 10-year period.

     f.   COLLATERAL: The indebtedness will be collateralized by a first
          mortgage on the Project, as well as a first security interest on all
          accounts receivable, inventory, equipment, fixtures, all personal
          property and general intangibles.

     g.   USDA GUARANTEE: The permanent loan must be subject to a USDA
          guaranteed loan in the maximum available amount.

     h.   PREPAYMENT PREMIUM: 1%, applicable to refinancings only.

     i.   MINIMUM EQUITY REQUIREMENT: A minimum of approximately 40% equity must
          be injected into the Project (that is, the equity must equal at least
          approximately 40% of the total of amount of equity and indebtedness).
          The Bank will require that equity funds be expended first in the
          construction of the Project, prior to any borrowing under the
          construction loan.
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     j.   FINANCING COSTS: The financing closing costs are estimated to include
          up to a .50% origination fee, a USDA fee, documentation fees, plus
          third party expenses, such as title insurance, legal fees, appraisal,
          survey, USDA feasibility study, and filing fees, with the total
          financing costs estimated to be approximately $400,000. The actual
          total financing costs will vary depending upon the actual third party
          expenses incurred and the amount of the USDA guarantee.

        The foregoing shall be subject in all respects to all of the following
conditions:

1.    The parties shall enter into a later and final agreement (the "Agreement")
reflecting the final agreed upon terms between the parties, and this letter of
intent shall be of no force and effect whatever in the absence of such an
Agreement.

2.    NEDAK shall have received binding irrevocable commitments for equity
financing, grants or other subordinated financing equal to at least
approximately 40% of the total Project costs.

3.    The Bank, in its sole and absolute discretion, shall have determined that
NEDAK is credit worthy, and Great Western Bank shall find participants
sufficient to fund this transaction.

        This letter of intent shall be in effect until expressly terminated by
either party, or until the execution of an Agreement between the parties, but in
no event later than September 30, 2006, unless extended in writing by the Bank.
Either party may disclose the terms hereof to regulatory authorities, potential
investors or potential lending participants.

                                    Very truly yours,

                                    Great Western Bank, N.A.


                                    by:    /s/ Janet Rabe
                                           --------------------------------
                                    title:  V.P. - O'Neill
                                           --------------------------------