Document:

SOUTHERN
                IOWA BIOENERGY, LLC

              115
                S. LINDEN

              LAMONI,
                IA 50140

               

               

              BORROWER'S
                NAME AND ADDRESS

              "I"
                includes each borrower above, jointly and severally.

            	 	
              AMERICAN
                STATE BANK-OSCEOLA

              P.O.
                BOX 463

              OSCEOLA,
                IA 50213

               

               

              LENDER'S
                NAME AND ADDRESS

              "You"
                means the lender, its successors and assigns.

            	 	
              PORT
                # 115150

               

              Loan
                No. 280909

              Date
                04-09-2008

              Maturity
                Date 08-18-2008

              Loan
                Amount $ 40,040.00

              Renewal
                of _________________

            

    

    

    For
      value
      received, I promise to pay to you, or your order, at your address listed above
      the PRINCIPAL
      sum of
FORTY
      THOUSAND FORTY AND 00/100 Dollars $40,040.00  .

     

    x Single
      Advance:
      I will
      receive all of this principal sum on 04-09-2008 .
      No
      additional advances are contemplated under this note. 

     

     ̈ Multiple
      Advance:
      The
      principal sum shown above is the maximum amount of principal I can borrow under
      this note. On   

    I
      will
      receive the amount of $   and
      future principal advances are contemplated. 

     

    Conditions:
      The
      conditions for future advances are            

                                                                                                                                                                                                                                                   

                                                                                                                                                                                                                                                   

     

     ̈ Open
      End Credit:
      You and
      I agree that I may borrow up to the maximum amount of principal more than one
      time. 

    This
      feature is subject to all other conditions and expires on
      _______________

     

     ̈ Closed
      End Credit:
      You and
      I agree that I may borrow up to the maximum only one time (and subject to all
      other conditions). 

     

    INTEREST:
      I agree
      to pay interest on the outstanding principal balance from 04-09-2008 at
      the
      rate of  5.750
      % per
      year until 04-10-2008 

     

    x Variable
      Rate:
      This
      rate may then change as stated below.

     

    x Index
      Rate:
      The
      future rate will be 0.500
      PERCENT ABOVE 
      the
      following index rate: THE
      BASE RATE ON CORPORATE LOANS POSTED BY AT LEAST 75% OF THE 30 LARGEST U.S.
      BANKS
      KNOWN AS THE WALL STREET JOURNAL PRIME RATE. THE RESULT OF THIS CALCULATION
      WILL
      BE ROUNDED TO THE NEAREST 0.250.

     

     ̈ No
      Index:
      The
      future rate will not be subject to any internal or external index. It will
      be
      entirely in your control. 

     

    x Frequency
      and Timing:
      The rate
      on this note may change as often as EVERY
      DAY BEGINNING 04-10-2008 .

     

    A
      change
      in the interest rate will take effect ON
      THE SAME DAY.

     

     ̈ Limitations:
      During
      the term of this loan, the applicable annual interest rate will not be more
      than
   %
      or less

    than
          %.
      The
      rate may not change more than    %
      each
   .
      

     

    Effect
      of Variable Rate:
      A change
      in the interest rate will have the following effect on the payments:

     

     ̈
      The
      amount of each scheduled payment will change.  x
      The
      amount of the final payment will change.

     

     ̈               .

     

    ACCRUAL
      METHOD:
      Interest
      will be calculated on a ACTUAL/360
      basis.
      

     

    POST
      MATURITY RATE:
      I agree
      to pay interest on the unpaid balance of this note owing after maturity, and
      until paid in full, as stated below: 

     

     ̈
      on the
      same fixed or variable rate basis in effect before maturity (as indicated
      above).

     

    x
      at a
      rate equal to RATE
      AT MATURITY PLUS 5%

             .

    x LATE
      CHARGE:
      If a
      payment is made more than 10
        days
      after it is due, I agree to pay a late charge of 1.500%
      OF THE LATE 
      AMOUNT WITH A MIN OF $15.00 AND A MAX OF $50.00          .

     

    x ADDITIONAL
      CHARGES:
      In
      addition to interest, I agree to pay the following charges which x
are
       ̈
      are
      not
      included in the principal amount above: 

     

                  

    PAYMENTS:
      I agree
      to pay this note as follows: 

     

    1
      PAYMENT OF $40,864.99 ON 08-16-2008. THIS IS A VARIABLE RATE LOAN AND THE FINAL
      PAYMENT AMOUNT MAY CHANGE.

    

     ̈ Unpaid
      Interest:
      Any
      accrued interest not paid when due (whether due by reason of a schedule of
      payments or due because of Lender's demand) will become part of the principal
      thereafter, and will bear interest at the interest rate in effect from time
      to
      time as provided for in this agreement.

     

    ADDITIONAL
      TERMS: AS NEEDED FOR OPERATING.

    

    x
      If
      checked, this note is a credit agreement subject to Iowa Code § 535.17 and the
      following notice is applicable to this note. 

     

    IMPORTANT:
      READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY
      BECAUSE ONLY THESE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL
      PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU
      MAY
      CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN
      AGREEMENT. 

     

    
      	
               ̈ SECURITY:
                This note is separately secured by (describe separate document by
                type and
                date): 

               

              (This
                section is for your internal use. Failure to list a separate security
                document does not mean the agreement will not secure this
                note.)

            	 	
              PURPOSE:
                The purpose of this loan is OPERATING.

               

              SIGNATURES:
                I AGREE TO THE TERMS OF THIS NOTE

              (INCLUDING
                THOSE ON PAGE 2).
                I
                have received a copy on today's date.

              SOUTHERN
                IOWA BIOENERGY

            
	 	 	 
	 	 	/s/
              Alan Elefson
	 	 	ALAN
              ELEFSON, TREASURER
	 	 	 
	Signature
              for Lender	 	/s/
              William Higdon 
	 	 	WILLIAM
              HIGDON, PERSONALLY
	 	 	 
	/s/
              Kevin W. Klemesrud, President	 	/s/
              Jack Cooley
	KEVIN
              W.
              KLEMESRUD, PRESIDENT	 	JACK
              COOLEY,
              PERSONALLY; 
	 	 	 
	 	 	/s/
              William Morain
	 	 	WILLIAM
              MORAIN, PERSONALLY 
	 	 	 
	 	 	/s/
              J. R. Cornett 
	 	 	J.
              R.
              CORNETT, PERSONALLY

    

           

    
      
        
        

      

      
        page
          1 of
          2

        
          

        

      

      
        
        

      

    

    DEFINITIONS:
      As used
      on page 1, "x"
      means
      the terms that apply to this loan. "I," "me" or "my" means each Borrower who
      signs this note and each other person or legal entity (including guarantors,
      endorsers, and sureties) who agrees to pay this note (together referred to
      as
      "us"). "You" or "your" means the Lender and its successors and assigns.

     

    APPLICABLE
      LAW:
      The law
      of the state of Iowa will govern this note. Any term of this note which is
      contrary to applicable law will not be effective, unless the law permits you
      and
      me to agree to such a variation. If any provision of this agreement cannot
      be
      enforced according to its terms, this fact will not affect the enforceability
      of
      the remainder of this agreement. No modification of this agreement may be made
      without your express written consent. Time is of the essence in this agreement.
      

     

    COMMISSIONS
      OR OTHER REMUNERATION:
      I
      understand and agree that any insurance premiums paid to insurance companies
      as
      part of this note will involve money retained by you or paid back to you as
      commissions or other remuneration.

     

    In
      addition, I understand and agree that some other payments to third parties
      as
      part of this note may also involve money retained by you or paid back to you
      as
      commissions or other remuneration.

     

    PAYMENTS:
      Each
      payment I make on this note will first reduce the amount I owe you for charges
      which are neither interest nor principal. The remainder of each payment will
      then reduce accrued unpaid interest, and then unpaid principal. If you and
      I
      agree to a different application of payments, we will describe our agreement
      on
      this note. I may prepay a part of, or the entire balance of this loan without
      penalty, unless we specify to the contrary on this note. Any partial prepayment
      will not excuse or reduce any later scheduled payment until this note is paid
      in
      full (unless, when I make the prepayment, you and I agree in writing to the
      contrary).

     

    INTEREST:
      Interest
      accrues on the principal remaining unpaid from time to time, until paid in
      full.
      If I receive the principal in more than one advance, each advance will start
      to
      earn interest only when I receive the advance. The interest rate in effect
      on
      this note at any given time will apply to the entire principal advanced at
      that
      time. You and I may provide in this agreement for accrued interest not paid
      when
      due to be added to principal. Notwithstanding anything to the contrary, I do
      not
      agree to pay and you do not intend to charge any rate of interest that is higher
      than the maximum rate of interest you could charge under applicable law for
      the
      extension of credit that is agreed to here (either before or after maturity).
      If
      any notice of interest accrual is sent and is in error, we mutually agree to
      correct it, and if you actually collect more interest than allowed by law and
      this agreement, you agree to refund it to me.

     

    INDEX
      RATE:
      The
      index will serve only as a device for setting the rate on this note. You do
      not
      guarantee by selecting this index, or the margin, that the rate on this note
      will be the same rate you charge on any other loans or class of loans to me
      or
      other borrowers.

     

    ACCRUAL
      METHOD:
      The
      amount of interest that I will pay on this loan will be calculated using the
      interest rate and accrual method stated on page 1 of this note. For the purpose
      of interest calculation, the accrual method will determine the number of days
      in
      a year. If no accrual method is stated, then you may use any reasonable accrual
      method for calculating-interest.

     

    POST
      MATURITY RATE:
      For
      purposes of deciding when the "Post Maturity Rate" (shown on page 1) applies,
      the term "maturity" means the date of the last scheduled payment indicated
      on
      page 1 of this note or the date you accelerate payment on the note, whichever
      is
      earlier.

     

    SINGLE
      ADVANCE LOANS:
      If this
      is a single advance loan, you and I expect that you will make only one advance
      of principal. However, you may add other amounts to the principal if you make
      any payments described in the "PAYMENTS BY LENDER" paragraph below, or if we
      have, agreed that accrued interest not paid when due may be added to
      principal.

     

    MULTIPLE
      ADVANCE LOANS:
      If this
      is a multiple advance loan, you and I expect that you will make more than one
      advance of principal. If this is closed end credit, repaying a part of the
      principal will not entitle me to additional credit.

     

    PAYMENTS
      BY LENDER:
      If you
      are authorized to pay, on my behalf, charges I am obligated to pay (such as
      property insurance premiums), then you may treat those payments as advances
      and
      add them to the unpaid principal under this note, or you may demand immediate
      payment of the charges.

     

    SET-OFF:
      I agree
      that you may set off any amount due and payable under this note against any
      right I have to receive money from you.

     

    "Right
      to
      receive money from you" means:

     

    (1) any
      deposit account balance I have with you;

     

    (2) any
      money
      owed to , me on an item presented to you or in your possession for collection
      or
      exchange; and

     

    (3) any
      repurchase agreement or other nondeposit obligation.

     

    "Any
      amount due and payable under this note" means the total amount of which you
      are
      entitled to demand payment under the terms of this note at the time you set
      off.
      This total includes any balance the due date for which you properly accelerate
      under this note.

     

    If
      my
      right to receive money from you is also owned by someone who has not agreed
      to
      pay this note, your right of set-off will apply to my interest in the obligation
      and to any other amounts I could withdraw on my sole request or endorsement.
      Your right of set-off does not apply to an account or other obligation where
      my
      rights are only as a representative. It also does not apply to any Individual
      Retirement Account or other tax-deferred retirement account.

     

    You
      will
      not be liable for the dishonor of any check when the dishonor occurs because
      you
      set off this debt against any of my accounts. I agree to hold you harmless
      from
      any such claims arising as a result of your exercise of your right of set-off.
      

     

    REAL
      ESTATE OR RESIDENCE PROPERTY:
      If this
      note is secured by real estate or a residence that is personal property, the
      existence of a default and your remedies for such a default will be determined
      by applicable law, by the terms of any separate instrument creating the security
      interest and, to the extent not prohibited by law and not contrary to the terms
      of the separate security instrument, by the "Default" and "Remedies" paragraphs
      herein. 

     

    DEFAULT:
      I will
      be in default if any one or more of the following occur: (1) I fail to make
      a
      payment on time or in the amount due; (2) I fail to keep the property insured,
      if required; (3) I fail to pay, or keep any promise, on any debt or agreement
      I
      have with you; (4) any other creditor of mine attempts to collect any debt
      I owe
      him through court proceedings; (5) I die, am declared incompetent, make an
      assignment for the benefit of creditors, or become insolvent (either because
      my
      liabilities exceed my assets or I am unable to pay my debts as they become
      due);
      (6) I make any written statement or provide any financial information that
      is
      untrue or inaccurate at the time it was provided; (7) I do or fail to do
      something which causes you to believe that you will have difficulty collecting
      the amount I owe you; (8) any collateral securing this note is used in a manner
      or for a purpose which threatens confiscation by a legal authority; (9) I change
      my name or assume an additional name without first notifying you before making
      such a change; (10) I fail to plant, cultivate and harvest crops in due season;
      (11) any loan proceeds are used for a purpose that will contribute to excessive
      erosion of highly erodible land or to the conversion of wetlands to produce
      an
      agricultural commodity, as further explained in 7 C.F.R. Part 1940,
      Subpart G, Exhibit M.

     

    REMEDIES:
      Except
      as provided in the next paragraph, if this note is secured by agricultural
      land
      (as defined in Iowa Code § 172C.1) and I am in default on this note, you will
      give me notice of my right to cure. You may exercise your remedies only if
      I
      fail to cure my default within 45 days after you mail the notice (or 45 days
      after actual delivery if you use a means other than certified
      mail).

     

    A
      notice
      of right to cure is not necessary and you may immediately exercise your remedies
      if you have: a) given me the notice with respect to two prior defaults, b)
      you
      have given me the notice with respect to a default occurring within 12 months
      before the current default, or I voluntarily surrender the agricultural land
      and
      you accept it in full satisfaction of the debt.

     

    Subject
      to the above limitations and any limitations imposed by Iowa Code Chapter 654A,
      if I am in default on this note you have, but are not limited to, the following
      remedies:

     

    (1) You
      may
      demand immediate payment of all I owe you under this note (principal, accrued
      unpaid interest and other accrued charges).

     

    (2) You
      may
      set off this debt against any right t have to the payment of money from you,
      subject to the terms of the set-off paragraph herein.

     

    (3) You
      may
      demand security, additional security, or additional parties to be obligated
      to
      pay this note as a condition for not using any other remedy.

     

    (4) You
      may
      refuse to make advances to me or allow purchases on credit by me.

     

    (5) You
      may
      use any remedy you have under state or federal law.

     

    By
      selecting any one or more of these remedies you do not give up your right to
      later use any other remedy. By waiving your right to declare an event to be
      a
      default, you do not waive your right to later consider the event as a default
      if
      it continues or happens again.

     

    COLLECTION
      COSTS AND ATTORNEY'S FEES:
      I agree
      to pay all costs of collection, replevin or any other or similar type of cost
      if
      I am in default. In addition, if you hire an attorney to collect this note,
      I
      also agree to pay any fee you incur with such attorney plus court costs (except
      where prohibited by law). To the extent permitted by the United States
      Bankruptcy Code, I also agree to pay the reasonable attorney's fees and costs
      you incur to collect this debt as awarded by any court exercising jurisdiction
      under the Bankruptcy Code.

     

    WAIVER:
      I give
      up my rights to require you to do certain things. I will not require you
      to:

     

    (1) demand
      payment of amounts due (presentment);

     

    (2) obtain
      official certification of nonpayment (protest); or

     

    (3) give
      notice that amounts due have not been paid (notice of dishonor).

     

    I
      waive
      any defenses I have based on suretyship or impairment of
      collateral.

     

    OBLIGATIONS
      INDEPENDENT:
      I
      understand that I must pay this note even if someone else has also agreed to
      pay
      it (by, for example, signing this form or a separate guarantee or endorsement).
      You may sue me alone, or anyone else who is obligated on this note, or any
      number of us together, to collect this note. You may do so without any notice
      that it has not been paid (notice of dishonor). You may without notice release
      any party to this agreement without releasing any other party. If you give
      up
      any of your rights, with or without notice, it will not affect my duty to pay
      this note. Any extension of new credit to any of us, or renewal of this note
      by
      all or less than all of us will not release me from my duty to pay it. (Of
      course, you are entitled to only one payment in full.) I agree that you may
      at
      your option extend this note or the debt represented by this note, or any
      portion of the note or debt, from time to time without limit or notice and
      for
      any term without affecting my liability for payment of the note. I will not
      assign my obligation under this agreement without your prior written approval.
      

     

    FINANCIAL
      INFORMATION:
      I agree
      to provide you, upon request, any financial statement or information you may
      deem necessary. I warrant that the financial statements and information I
      provide to you are or will be accurate, correct and complete. 

     

    NOTICE:
      Unless
      otherwise required by law, any notice to me shall be given by delivering it
      or
      by mailing it by first class mail addressed to me at my last known address.
      My
      current address is on page 1. I agree to inform you in writing of any change
      in
      my address. I will give any notice to you by mailing it first class to your
      address stated on page 1 of this agreement, or to any other address that you
      have designated. 

     

    CREDIT
      AGREEMENT:
      A
      "credit agreement" under Iowa Code § 535.17 means any contract made or acquired
      by a lender to loan money or extend credit for any purpose. A "credit agreement"
      does not mean a contract to extend credit by means of a credit card, or open
      end
      credit, or a home equity line of credit. 

     

    This
      note
      is not subject to Iowa Code § 535.17 if it is a "credit agreement" made
      primarily for a personal, family, or household purpose where the credit extended
      is twenty thousand dollars or less.

     

    
      	
              DATE
                OF

              TRANSACTION

            	 	
              PRINCIPAL

              ADVANCE

            	 	
              BORROWER'S

              INITIALS

              (not
                required)

            	 	
              PRINCIPAL

              PAYMENTS

            	 	
              PRINCIPAL

              BALANCE

            	 	
              INTEREST

              RATE

            	 	
              INTEREST

              PAYMENTS

            	 	
              INTEREST

              PAID

              THROUGH

            
	 	 	
              $

            	 	 	 	
              $

            	 	
              $

            	 	
              %

            	 	
              $

            	 	 
	 	 	
              $

            	 	 	 	
              $

            	 	
              $

            	 	
              %

            	 	
              $

            	 	 
	 	 	
              $

            	 	 	 	
              $

            	 	
              $

            	 	
              %

            	 	
              $

            	 	 
	 	 	
              $

            	 	 	 	
              $

            	 	
              $

            	 	
              %

            	 	
              $

            	 	 

    

     

    
      
        
        

      

      
        page 2
          of 2Exhibit
          10.23

      

       

      English
        Translation of Chinese Version

    Processing
      Contract

    

    Party
      A:
      Jilin COFCO Coca-Cola Beverages Co. Ltd. 

    Party
      B:
      Changchun Taodai Beverage Co. Ltd. 

    

    Whereas,
      Party A hereby grants to Party B the right to manufacture and sell bottled
      water
      products under the brand (INTENTIONALLY
      DELETED)
      subject
      to certain territorial limitations. Party B hereby agrees to produce and process
      bottled water products for Party A under the brand (INTENTIONALLY
      DELETED).

    

      
        	 	
                1.

              	
                Party
                  A shall have the right to inspect and examine Party B’s facilities,
                  equipments and bottling methods utilized in the production of Party
                  A’s
                  products. Party B shall produce the products in accordance with
                  Party A’s
                  requirements and specifications, which may vary from time to
                  time.

              

      

    

     

    
      	 	
              2.

            	
              The
                contract shall commence on September 1, 2005, supplemented by purchase
                orders issued by Party A. 

            

    

     

    
      	 	
              3.

            	
              The
                provision of the fixed purchase price shall be in effect from September
                1,
                2005 to September 1, 2006, as follows:

            

    

    (INTENTIONALLY
      DELETED)

    1)
      After
      September 1, 2006, the price shall be determined as agreed upon by both parties.
      If no agreement is reached, the fixed prices provided above shall be
      applied.

    2)
      If
      Party B established facilities outside of the development zone where Party
      A is
      located and thus increase the expenses of the transportation, Party B agrees
      to
      bear all the transportation expenses incurred therefrom.

     

    
      	 	
              4.

            	
              Party
                B shall (i) use such type of blowing machine as specified by Party
                B to
                produce PET bottles for Party A’s products, which blowing machines shall
                be used solely for Party A’s products and (ii) use the raw materials
                provided by Party A. The configuration design of the bottles shall
                be
                conducted by Party A, and Party A shall bear the costs
                associated therewith.  The packaging materials and other raw
                materials for packaging shall be examined and  approved by Party A.
                The PET plastic wrap shall be provided by Party
                B.

            

    

     

    
      	 	
              5.

            	
              The
                quality of the products shall comply with the standard provided by
                Coca-cola and GB17323 standard. Party A shall have the right to terminate
                the contract without penalty if the products by Party B failed to
                comply
                with the aforementioned standard more than three times.
                

            

    

     

    
      	 	
              6.

            	
              Party
                A shall deliver the products to such locations as designated by Party
                B.
                

            

    

     

    
      	 	
              7.

            	
              Party
                A shall make monthly payments to Party B, based on the amount of
                the
                products supplied by Party B. 

            

    

    
       

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    English
      Translation of Chinese Version

     

     

    
      	 	
              8.

            	
              Party
                B shall use all measures as necessary to keep all the information,
                materials and technical information with respect to the products
                confidential (the “Confidential Information”). Party B shall use the
                Confidential Information solely for the purpose of the performance
                under
                this contract. Party B shall not disclose the Confidential Information
                to
                any third party at any time. Party B shall destroy the Confidential
                Information as directed by Party A or after the termination of this
                Contract and shall not maintain any copy of the Confidential Information.
                

            

    

     

    
      	 	
              9.

            	
              Party
                A is entitled to terminate the contract upon breach of this contract
                on the part of Party B and shall be entitled to any damages arising
                therefrom. (INTENTIONALLY
                DELETED)

            

    

     

    
      	 	
              10.

            	
              (INTENTIONALLY
                DELETED)

            

    

     

    
      	 	
              11.

            	
              Party
                B shall not assign this contract to any other party without Party
                A’s
                written consent. Any amendment to this contract shall not be made
                without
                both parties’ written consent. 

            

    

     

    
      	 	
              12.

            	
              Any
                dispute arising from this contract shall be determined by Beijing
                Arbitration Commission. 

            

    

     

    
      	 	
              13.

            	
              The
                term of this contract shall commence on September 1, 2005 and end
                on
                September 1, 2008. 

            

    

    

       

    

    
      
        
        

      

      
        2

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