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Exhibit 10.22
 PROMISSORY NOTE
 Principal
$3,517,572.00
    
    Loan Date
03-23-2007
    
    Maturity
03-23-2008
    
    Loan No
3787
    
    Call / Coll
2200
    
    Account
    
    Officer
242
    
    Initials
  Borrower:
    
    Homeland Energy Solutions, LLC (TIN:
48-1200438)
106 W Main, PO Box C
Riceville, IA 50466
    
    
    
    Lender:
    
    Home Federal Savings Bank
Business Banking
1016 Civic Center Dr NW Suite 300
Rochester, MN 55901
 Principal Amount: $3,517,572.00
    
    interest Rate: 8.250%
    
    Date of Note: March 23, 2007
 PROMISE TO PAY. Homeland Energy Solutions, LLC (Borrower) promises to pay to Home Federal
Savings Bank (Lender), or order, in lawful money of the United States of America, the principal
amount of Three Million Five Hundred Seventeen Thousand Five Hundred Seventy-two & 00/100 Dollars
($3,517,572.00), together with interest at the rate of 8.250% per annum on the unpaid principal
balance from March 23, 2007, until paid in full. The interest rate may change under the terms and
conditions of the INTEREST AFTER DEFAULT section.
 PAYMENT. Borrower will pay this loan in one principal payment of $3,517,572.00 plus interest on
March 23, 2008. This payment due on March 23, 2008, will be for all principal and all accrued
interest not yet paid. In addition, Borrower will pay regular monthly payments of all accrued
unpaid interest due as of each payment date, beginning April 23, 2007, with all subsequent
interest payments to be due on the same day of each month after that. Unless otherwise agreed or
required by applicable law, payments will be applied first to any unpaid collection costs; then
to any late charges; then to any accrued unpaid interest; and then to principal. The annual
interest rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the
annual interest rate over a year of 360 days, multiplied by the outstanding principal balance,
multiplied by the actual number of days the principal balance is outstanding. Borrower will pay
Lender at Lenders address shown above or at such other place as Lender may designate in writing.
 PREPAYMENT.
 LATE CHARGE.
 INTEREST AFTER DEFAULT.
 DEFAULT.
 Payment Default.
 Other Defaults.
 Default in Favor of Third Parties.
 False Statements.
 Death or Insolvency.
 Creditor or Forfeiture Proceedings.
 Events Affecting Guarantor.
 Adverse Change.




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PROMISSORY NOTE
 Loan No: 3787
    
    (Continued)
    
    Page 2
 Insecurity.
 Cure Provisions.
 LENDERS RIGHTS.
 ATTORNEYS FEES; EXPENSES.
 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent
not preempted by federal law, the laws of the State of Iowa without regard to its conflicts of
law provisions. This Note has been accepted by Lender in the State of Iowa.
 RIGHT OF SETOFF.
 COLLATERAL.
   FACSIMILE AND COUNTERPART.
 COLLECTION FROM DEPOSIT ACCOUNT.
 ADDITIONAL SECURITY.
 SUCCESSOR INTERESTS.
 NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
 GENERAL PROVISIONS.
 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE.
BORROWER AGREES TO THE TERMS OF THE NOTE.
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE AND ALL OTHER DOCUMENTS
RELATING TO THIS DEBT.
 BORROWER:
 HOMELAND ENERGY SOLUTIONS, LLC
 By:
    
    /s/ Stephen K. Eastman
    
    
    
    By:
    
    /s/ Bernard RetterathSteve Eastman, President of Homeland Energy
Solutions, LLC
    
    
    
    
    
    Bernard Retterath, Treasurer of Homeland Energy
Solutions, LLC