Document:

EXHIBIT 10.23(a)

                                 LOAN AGREEMENT

     THIS AGREEMENT, dated this 13th day of June, 2003 between AspenBio, Inc., a
Colorado  corporation  "Borrower" whose address is 1585 S. Perry Street,  Castle
Rock, CO 80104, and Front Range Regional  Economic  Development  Corporation,  a
Colorado  non-profit  corporation,  the "Lender," having its principal office at
730 17th Street, Suite lA, Denver, Colorado 80202.

     WHEREAS,  the Borrower has applied to the Lender for a loan for the purpose
of acquiring physical plant and/or capital equipment (the "Acquisition Assets"),
and

     WHEREAS,  the Lender is willing to sell a Debenture (the "Debenture"),  the
proceeds of which  Debenture will be used to make such a loan to the Borrower on
the items and conditions hereinafter set forth;

     NOW,  THEREFORE,  in  consideration  of the mutual covenants and agreements
contained herein, the parties hereto agree as follows:

                                    ARTICLE I

                                    THE LOAN
                                    --------

     1.01 The Loan.  Note and Rate.  Subject to the terms and conditions of this
Agreement and the SBA  Authorization  and Debenture  Guaranty  Agreement No. CDC
461,892-40-00-DEN (the "Debenture Guaranty Agreement"), the Lender hereby agrees
to loan to the  Borrower,  and the  Borrower  hereby  agrees to borrow  from the
Lender and repay the Lender,  or its assigns,  the amount of $1 ,300,000.00 (the
"Loan").  The obligation of the Borrower to repay the Loan shall be evidenced by
a promissory note (the "Note") of the Borrower in the form of Exhibit A attached
hereto  dated as of the date on which  the  Loan is made  (the  "Closing  Date")
payable to the order of the Lender as  determined at the time when the Debenture
of the Lender in the amount of  $1,300,000.00  is sold pursuant to the Debenture
Guaranty Agreement.

     1.02 The Term and  Repayment.  The term of the Loan shall be 20 years,  and
the Note shall be repayable in 240 equal consecutive monthly  installments.  The
first  monthly  installment  shall be due and  payable  on August 1,  2003.  All
payments  shall be  applied  first  to (a) the  servicing  fee set  forth in the
Servicing Agent  Agreement,  (b) then to interest on the principal sum, (c) then
to reduction of the principal sum, and (d) then to the late fee set forth in the
Note. All payments shall be made promptly to the Lender at its address specified
at the beginning of this Agreement, or at such other address as it may designate
in writing.

     1.03 Purpose of Loan.  The purpose of the Loan is to enable the Borrower to
own and operate the Acquisition Assets, and thus aid the economic development of
the area in which the Acquisition  Assets are located.  The Borrower agrees that
it will apply the funds received by it under this  Agreement in accordance  with
the use of Loan proceeds specified in the Debenture Guaranty Agreement,  and the
Borrower further agrees that no application of any funds received from the

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Lender hereunder shall be made in violation of the Small Business Investment Act
of 1958, as amended, or the regulations promulgated thereunder.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

The Borrower represents and covenants the following:

     2.01  Capacity  of  Borrower.  The  Borrower,   AspenBio,Inc.,  a  Colorado
corporation, is duly organized,  validly existing and in good standing under the
laws of the State of Colorado and has the power to enter into this Agreement and
to  borrow  hereunder.  The  ?????  and  performance  of the  Borrower  of  this
Agreement,  and the  execution  and  delivery  of the  Note,  and  any  Security
Agreements and Instruments  will not violate any law, rule,  regulation,  order,
writ,  judgement,  decree,  determination  or award  presently in effect  having
applicability  to the Borrower or result in a breach of or  constitute a default
under any indenture or bank loan or credit agreement or any other arrangement or
instrument  to which the  Borrower  is a party or by which the  Borrower  or its
property may be bound or affected.

     2.02 Legally  Binding  Instruments.  When this Agreement is executed by the
Borrower  and the Lender,  and when the Note is executed  and  delivered  by the
Borrower for value,  each such instrument shall constitute the legal,  valid and
binding  obligation of the Borrower in accordance  with its terms.  Any Security
Agreements and Instruments,  Financing Statements,  Mortgages and other liens on
chattel or real estate shall constitute legal,  valid and binding liens free and
clear of all prior liens and encumbrances except as provided for.

     2.03 No Legal Suits.  There are no legal  actions,  suits,  or  proceedings
pending or, to the  knowledge of the Borrower,  threatened  against the Borrower
before any court or administrative agency, which, if determined adversely to the
Borrower,  would have a material  adverse  effect on the financial  condition or
business of the Borrower.

     2.04 No Legal Authorization Needed. No authorization,  consent or approval,
or  any  formal  exemption  of any  Governmental  body,  regulatory  authorities
(Federal,  State or  Local)  or  mortgagee,  creditor  or third  party is or was
necessary to the valid execution and delivery by the Borrower of this Agreement,
the Note, or any Security Agreement,  Financing Statement,  Mortgage, or Deed of
Trust, except as provided for under Sections 3.09 and 3.10 herein.

     2.05 Not in  Default.  The  Borrower  is not in default of any  obligation,
covenant, or condition contained in any bond, debenture, note, or other evidence
of indebtedness or any mortgage or collateral instrument securing the same.

         2.06 Taxes are Paid.  The Borrower has filed all tax returns  which are
required and has paid or made  provision for the payment of all taxes which have
or may become due pursuant to said

                                      - 2 -

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returns or  pursuant  to any  assessments  levied  against  the  Borrower or the
Borrower's  personal or real property by any taxing  agency,  federal,  state or
local.  No tax liability has been  asserted by the Internal  Revenue  Service or
other taxing agency,  federal,  state or local for taxes materially in excess of
those  already  provided  for and the  Borrower  knows of no basis  for any such
deficiency assessment.

     2.07 No  Adverse  Change.  The  Borrower  certifies  that there has been no
adverse change since the date of loan  application  in the financial  condition,
organization,  operation, business prospects, fixed properties, or personnel of.
the Borrower.

                                   ARTICLE III

                              CONDITIONS OF LENDING
                              ---------------------

     The  obligation  of the  Lender to make the Loan  shall be  subject  to the
fulfillment at the time of closing of each of the following conditions:

     3.01  Execution  of  Authorization.  The Borrower  shall have  executed and
delivered to the Lender the Debenture Guaranty Agreement.

     3.02 Execution and Delivery of Note and Loan Agreement.  The Borrower shall
have executed and delivered to the Lender this Loan  Agreement  and-me Note in a
form satisfactory to the Lender and its Counsel.

     3.03  Execution and Delivery of Security  Agreement and Deed of Trust.  The
Borrower  shall have executed and delivered to the Lender a Deed of Trust on the
real estate described in Exhibit B attached hereto. The Borrower shall also have
executed and delivered to the Lender (if required  under the Debenture  Guaranty
Agreement) a Security  Agreement and Financing  Statements in forms satisfactory
to the Lender,  giving the Lender  security  in all of the chattel and  personal
property  acquired  with the Loan proceeds (as listed in Exhibit C if attached).
Said Security  Agreement,  Financing  Statements and Deed of Trust shall be free
and  clear of all  prior  liens  and  encumbrances  except  as  provided  for in
accordance  with the Debenture  Guaranty  Agreement.  Said  Security  Agreement,
Financing Statements and Deed of Trust are to secure payment of the principal of
the Note,  the  interest  thereon,  and any other sums  payable by the  Borrower
hereunder.

     3.04 Execution and  Certification  of Resolution of Board of Directors.  If
the Borrower is a corporation, the Borrower shall have executed and delivered to
the Lender,  a duly  certified  copy of a  Resolution  of the Board of Directors
authorizing  the execution and delivery by the Borrower of this  Agreement,  the
Note and the Deed of Trust.

     3.05 Corporate Papers. If the Borrower is a corporation, the Borrower shall
have  delivered  to  the  Lender  copies  of  the   Borrower's   Certificate  of
Incorporation,  Articles of  Incorporation,  By-Laws,  and  Certificate  of Good
Standing.

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     3.06.  Execution of CSA  Agreement.  The Borrower  shall have  executed and
delivered to the Lender,  the Central  Servicing Agent Agreement (SBA Form 1506)
in a form satisfactory to the Lender's Counsel.

     3.07  Personal  Guarantees.  The Lender shall have  received  duly executed
personal guaranty agreement (SBA Form 148) as required by the Debenture Guaranty
Agreement and in form satisfactory to the Lender's Counsel.

     3.08 Title  Insurance.  The  Borrower  shall have  secured  mortgage  title
insurance in the form and issued by companies satisfactory to the Lender, in the
amount of the Loan,  insuring the Lender and the lien of the Mortgage or Deed of
Trust subject only to exceptions  approved in the Debenture Guaranty  Agreement.
The title policy shall show no  delinquent  taxes or  assessments  affecting the
real  property or any part thereof on the date of closing  except as approved by
the Lender.

     3.09 Governmental  Approval.  The Borrower shall have secured all necessary
approvals or consents,  if required,  of Governmental bodies having jurisdiction
with respect to any  construction  contemplated  in  accordance  with the use of
proceeds of the Debenture Guaranty Agreement.

     3.10  Approval of Others.  The Borrower  shall have  secured all  necessary
approvals  or  consents  required  with  respect  to  this  transaction  by  any
mortgagee,  creditor  or  other  party  having  any  financial  interest  in the
Borrower.

     3.11  Opinion of Counsel.  The Lender  shall have  received  the Opinion of
Counsel to the Borrower that the  Representations  and  Warranties  are true and
accurate on and as of the closing date and the  conditions of the Loan have been
duly satisfied as of the Closing Date.

                                   ARTICLE IV

                      AFFIRMATIVE COVENANTS OF THE BORROWER
                      -------------------------------------

     The Borrower  agrees to comply with the following  covenants  from the date
hereof until the. Lender has been fully repaid with interest,  unless the Lender
or its Assigns shall otherwise consent in writing:

     4.01  Payment  of the  Loan.  The  Borrower  agrees to pay  punctually  the
principal and interest on the Note  according to its terms and conditions and to
pay  punctually  any other amounts that may become due and payable to the Lender
under or pursuant to the terms of this Agreement or the Note.

     4.02 Payment of Other  Indebtedness.  The Borrower agrees to pay punctually
the principal and interest due on any other indebtedness now or hereafter at any
time owing by the Borrower to the Lender or any other lender.

                                      - 4 -
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     4.03  Payment of CDC Fees.  In addition to the fee paid to the  Underwriter
and the  closing  fee to be paid to the CDC's  attorney,  all as provided in the
Debenture  Guaranty  Agreement,  and in consideration  of the Lender's  expenses
associated  with  processing and servicing this Loan, the Borrower agrees to pay
to the Lender a processing fee of 1 1/2% of the net Debenture proceeds,  payable
at the time of Loan funding,  and an annual service fee (payable  monthly) equal
to .472 of 1 % of the unpaid Loan  balance,  such  balance to be  determined  at
5-year anniversary intervals at the beginning of such intervals.

     4.04  Maintain and Insure  Property.  The  Borrower  agrees at all times to
maintain the property  provided as security for this Loan in such  condition and
repair that the Lender's  security  will be adequately  protected.  The Borrower
also agrees to maintain  during the term of the Loan adequate  hazard  insurance
policies covering fire and extended  coverage.-and  such other hazards as may be
deemed  appropriate in amounts and form  sufficient to prevent the Borrower from
becoming a co-insurer  and issued by companies  satisfactory  to the Lender with
acceptable  loss payee  clauses in favor of the  Lender.  The  Borrower  further
agrees,  if at any time during the life of the Loan the  Borrower 's property is
declared to be within a flood hazard area, to purchase  Federal Flood  Insurance
if available.  Such  insurance  shall be in an amount equal to the lesser of: I)
the amount of the loan;  ii) the insurable  value of the  property;  or iii) the
maximum limit of coverage  available.  If the property is not located in a flood
hazard  area  at the  time  of the  Loan  closing,  the  Borrower  will  provide
satisfactory  evidence thereof. The Borrower further agrees to maintain adequate
liability and workman's  compensation insurance in amounts and form satisfactory
to the Lender.

     4.05 Pay All  Taxes.  The  Borrower  agrees to duly pay and  discharge  all
taxes,  assessments and  governmental  charges upon it or against its properties
prior  to the  date on which  the  penalties  attach  thereto,  except  that the
Borrower shall not be required to pay any such tax,  assessment or  governmental
charge  which  is  being  contested  by it in  good  faith  and  by  appropriate
proceedings. Unless waived in writing by the Lender, the Borrower shall pay each
month to the Lender,  concurrently  with and in addition to the monthly payments
required  under the Note,  1/12 of the reasonably  estimated  annual general and
special  taxes and any other  assessments  or taxes levied on the real  property
covered by the Deed of Trust.  Such  estimate may be adjusted by the Lender from
time to time based on past  billings  and  assessments.  'The tax funds shall be
retained by the Lender as  additional  security for the Loan and for the payment
of such items when charged or billed without further inquiry. The Borrower shall
provide the Lender with a proper statement of taxes before the due date. In case
the fund is not  sufficient  to pay the  taxes at the end of each year for which
they are assessed, the Borrower shall promptly pay the deficiency to the Lender.
The Lender shall not be required to pay the Borrower any interest or earnings on
such funds.

     4.06 Provide  Additional  Equity. The Borrower agrees to provide additional
equity funds to cover additional  project costs included as a result of overruns
or unanticipated  expenses or changes in work orders in the project as specified
in the Debenture Guaranty Agreement.

     4.07 Maintain Existence. If the Borrower a corporation, the Borrower agrees
to maintain its corporate existence,  rights,  privileges, and franchises within
the State of Colorado and qualify and

                                      - 5 -
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remain  qualified as a foreign  corporation  in each  jurisdiction  in which its
present  or  future  operations  or  its  ownership  of  property  require  such
qualification.

     4.08  Provide  Financial  Information.  The  Borrower  agrees  to  maintain
adequate  records and books of account,  in which complete  entries will be made
reflecting  all of its business and financial  transactions,  such entries to be
made in  accordance  with  generally  accepted  principles  of  good  accounting
practice  consistently  applied  in  the  case  of  financial  transactions.  In
addition,  the  Borrower  agrees to furnish to the  Lender  quarterly  financial
statements  certified  by the  Borrower  to be  true  and  accurate  copies  and
delivered  within sixty (60) days  following the close of the quarter year,  and
the  Borrower  agrees to  furnish  to the Lender  annual  financial  statements,
prepared by an  independent  accountant and certified by the Borrower to be true
and accurate copies within ninety (90) days of the close of the fiscal year.

     4.09  Provide  SBA  Information.  The  Borrower  further  agrees to provide
information,  and  execute  and deliver  any and all  additional  documents  and
instruments  as may be  reasonably  requested  by the  Lender,  its  Assigns  or
Counsel, or the CSA including but not limited to:

     i)   Executing the SBA Form 159 "Compensation Agreement"

     ii)  Displaying the SBA Form 722 "Equal Opportunity Poster."

     iii) Executing the SBA Form 600 Series "Civil Rights Compliance Forms."

     iv)  Providing  information  as  required  of the Lender by the SBA for its
          annual reporting requirements.

     4.10 Provide  Notice of Hearings.  The Borrower  further  agrees to provide
written  notice to the  Lender of any  public  hearing  or  meeting  before  any
administrative  or other  public  agency  which may, in any  manner,  affect the
chattel, personal property or real estate securing the Loan.

     4.11 Right to Inspection.  The Borrower  agrees to grant the Lender,  until
the Note has been fully repaid with interest,  the right at all reasonable hours
to inspect the  chattel,  personal  property  and real estate used to secure the
Loan;  and the Borrower  further agrees to provide the Lender free access to the
Borrower's  premises  for  the  purpose  of such  inspection  to  determine  the
condition of the chattel, personal property and real estate.

     4.12 Null and Void Covenants.  The Borrower agrees,  that in the event that
any provision of this Loan Agreement or any other instrument executed at closing
or the application thereof to any person or circumstances shall be declared null
and void,  invalid,  or held for any  reason to be  unenforceable  by a Court of
competent  jurisdiction,  the  remainder of such  agreement  shall  nevertheless
remain  in full  force  and  effect,  and to this  end,  the  provisions  of all
covenants, conditions, and agreements described herein are deemed separate.

                                      - 6 -
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     4.13  Expenses  and Closing  Costs.  The  Borrower  agrees to pay all fees,
expenses  and  charges in respect to the Loan,  or its making or transfer to the
Lender in any way connected  therewith  including,  but not limited to, the fees
and  out-of-pocket  expenses of local  counsel  employed  by the  Lender,  title
insurance  and  survey  costs,   recording  and  filing  fees,  mortgage  taxes,
documentary  stamp, and any other taxes, fees and expenses payable in connection
with this  transaction  and with the  enforcement of this Loan Agreement and the
Note.

     4.14 Notice of Default.  The Borrower  agrees to give written notice to the
Lender of any event,  within 15 days of the event, which constitutes an Event of
Default  under this Loan  Agreement  as  described  in Article VI herein or that
would,  with  notice or lapse of time or both,  constitute  an Event of  Default
under this Loan Agreement.

     4.15 Indemnification.  The Borrower agrees to indemnify and save the Lender
or its  Assigns  harmless  against  any and all  liability  with  respect to, or
resulting from, any delay in discharging any obligation of the Borrower.

     4.16 Expenses of Collection or Enforcement.  The Borrower agrees, if at any
time the Borrower defaults on any provision of this Loan Agreement, the Borrower
shall pay the Lender or its Assigns,  in addition to any other  amounts that may
be due from  the  Borrower,  an  amount  equal  to the  costs  and  expenses  of
collection,  enforcement or collection or waiver of the default  included by the
Lender or its Assigns in such collection,  enforcement,  collection or waiver of
default.

                                   ARTICLE V.

                       NEGATIVE COVENANTS OF THE BORROWER
                       ----------------------------------

     The Borrower  covenants and agrees that, from the date hereof until payment
in full of the Note, unless the Lender or its Assigns shall otherwise consent in
writing,  it will  not  enter  into  any  agreement  or  other  commitment,  the
performance of which would constitute a breach of any of the covenants contained
in this Loan Agreement including, but not limited to the following covenants:

     5.01 Encumber the Acquisition  Assets. The Borrower will neither create nor
suffer to exist any mortgage,  pledge,  lien, charge, or encumbrance,  including
liens arising from judgments on the Acquisition Assets except as provided for by
the Debenture Guaranty Agreement.

     5.02 Sell the Acquisition  Assets.  The Borrower will not sell,  convey, or
suffer to be  conveyed,  lease,  assign,  transfer or  otherwise  dispose of the
Acquisition   Assets   unless   approved  in  writing  by  the  Small   Business
Administration (the SBA).

     5.03 Change Ownership.  Borrower will not, without prior written consent of
Lender and SBA,  change the  ownership  structure  or  interests in the business
during the term of the Note,  provided  that,  commencing  six months  after the
Closing, Borrower or Operating Company may have

                                      - 7 -
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one or  more  changes  in  ownership  without  approval  of SBA so  long  as the
cumulative change over the term of the Note is less than five percent (5%).

     5.04  Change of  Business.  The  Borrower  will not,  without  the  written
permission of the SBA,  change the nature of the Borrower's  business as carried
on at the date hereof.

     5.05 Change the  Project.  The Borrower  will neither  permit nor suffer to
exist  without  prior  written SBA consent any material  change in the project's
plans and/or  specifications  submitted to the SBA in order to induce the SBA to
guaranty the Debenture to be issued by the Lender as per the Debenture  Guaranty
Agreement. Material change will include any significant variance in the accepted
plans and  specifications,  increases  in  contract  prices,  and/or  additional
financial obligations with respect to the construction and Acquisition Assets.

     5.06 Borrower Ownership of Lender. During the term of the Loan, neither the
Borrower nor its affiliates nor its  principals  nor its close  associates  will
acquire, either directly or indirectly, an ownership position or interest in the
Lender in excess of 10% of the votes or shares of the Lender.

                                   ARTICLE VI

                                EVENTS OF DEFAULT
                                -----------------

     The entire  unpaid  principal of the Note,  and the  interest  then accrued
thereon, shall become and be immediately due and payable upon the written demand
of the Lender or its Assigns,  without any other notice or demand of any kind or
any  presentment  or protest,  if anyone of the  following  events (an "Event of
Default")  shall occur and be  continuing  at the time of such  demand,  whether
voluntarily or involuntarily, or without limitation,  occurring or brought about
by operation of law or pursuant to or in compliance with any judgment, decree or
order of any court or any order,  rules or regulation of any  administrative  or
governmental body, provided, however, that such sum shall not be then payable if
Borrower's  payments  have been  waived,  or the time for making the  Borrower's
payments has been extended by the SBA:

     6.01  Non-Payment  of Loan. If the Borrower shall fail to make payment when
due of any installment of principal on the Note, or interest accrued thereon and
if the default shall remain unremedied for fifteen (15) days.

     6.02  Non-Payment  of Other  Indebtedness.  If default shall be made in the
payment  when due of any  installment  of principal or of interest on any of the
Borrower's other  indebtedness  and if such default shall remain  unremedied for
fifteen (15) days.

     6.03 Incorrect  Representation or Warranty.  Any representation or warranty
contained  in, or made in  connection  with the  execution and delivery of, this
Loan Agreement,  or in any certificate furnished pursuant hereto, shall prove to
have been incorrect when made in any material respect.

                                      - 8 -
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     6.04 Default in Covenants. The Borrower shall default in the performance of
any other term, covenant or agreement contained in this Loan Agreement, and such
default  shall  continue  unremedied  for thirty (30) days after  either:  i) it
becomes known to the  Borrower;  or ii) written  notice  thereof shall have been
given to the Borrower by the Lender.

     6.05 Voluntary Insolvency.  If the Borrower shall become insolvent or shall
cease to pay . its debts as they  mature or shall  voluntarily  file a  petition
seeking  reorganization  of,  or the  appointment  of a  receiver,  trustee,  or
liquidation for the Borrower,  or a substantial portion of the Borrower's assets
or to effect a plan or other arrangement with creditors, or shall be adjudicated
bankrupt, or shall make a voluntary assignment for the benefit of creditors.

     6.06  Involuntary  Insolvency.  If any involuntary  petition shall be filed
against the Borrower under any bankruptcy,  insolvency or similar law or seeking
the reorganization of or the appointment of any receiver,  trustee or liquidator
for the Borrower, or of a substantial part of the property of the Borrower, or a
writ or  warrant of  attachment  or similar  process  shall be issued  against a
substantial part of the property of the Borrower, and such petition shall not be
dismissed, or such writ or warrant of attachment or similar process shall not be
released or bonded, within thirty (30) days after filing or levy.

     6.07 Judgments.  If any final judgment for the payment of money that is not
fully covered by liability  insurance  and is in excess of  $10,000.00  shall be
rendered  against  the  Borrower,  and within  thirty  (30)  days,  shall not be
discharged,  or an appeal  therefrom  taken and  execution  thereon  effectively
stayed  pending such appeal,  and, if such  judgment be affirmed on such appeal,
the same shall not be discharged within thirty (30) days.

                                   ARTICLE VII

                                  MISCELLANEOUS
                                  -------------

     7.01  Waiver of  Notice.  No  failure or delay on the part of the Lender in
exercising  any right,  power,  or remedy  hereunder  shall  operate as a waiver
thereof,  nor shall any single or partial exercise of any such right,  power, or
remedy  preclude  any other or further  exercise  thereof or the exercise of any
other  right,  power or  remedy  hereunder.  No  modification  or  waiver of any
provision  of  this  Loan  Agreement  or of the  Note,  nor any  consent  to any
departure by the Borrower therefrom,  shall in any event be effective unless the
same shall be in writing and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No notice
to or demand on the Borrower in any case shall entitle the Borrower to any other
or further notice or demand in similar or other circumstances. .

     7.02  Amendments.  The  Borrower  and the Lender or its  Assigns,  with the
concurrence  of the SBA,  hereby  expressly  reserve  all  rights  to amend  any
provisions of this Agreement, to consent

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to or waive any departure from the provisions of this Loan  Agreement,  to amend
or consent to or waive departure from the provisions of the Note, and to release
or  otherwise  deal  with any  collateral  security  for  payment  of the  Note;
provided,  however,  that all such  amendments be in writing and executed by the
Lender or its Assigns, the Borrower and the SBA.

     7.03  Notices.  All  notices,   consents,   requests,   demands  and  other
communications  hereunder  shall be in writing  and shall be deemed to have been
duly given to a party hereto if mailed by certified mail, prepaid, to the Lender
at the address set forth at the beginning of this Agreement, and to the Borrower
at the address set forth at the  beginning of this  Agreement,  or at such other
addresses as any party may have designated in writing to any other party herein.

     7.04 Payments.  The Borrower will make payments to the Lender in accordance
with  the  terms  and  conditions  and  instructions  contained  in the  Central
Servicing Agent Agreement (SBA Form 1506). .

     7.05  Survival  of   Representations   and   Warranties:   All  agreements,
representations and warranties made by the Borrower herein or any other document
or  certificate  delivered  to the Lender in  connection  with the  transactions
contemplated by this Loan Agreement shall survive the delivery of this Agreement
and the Note  hereunder,  and shall continue in full force and effect so long as
the Note remains unpaid.

     7.06 Successors and Assigns.  This Loan Agreement shall be binding upon the
Borrower, its Successors and Assigns, except that the Borrower may not assign or
transfer its rights  without  prior written  consent of the SBA. This  Agreement
shall inure to the benefit of the  Lender,  its  Successors  and  Assigns,  and,
except as otherwise  expressly  provided in particular  provisions  hereof,  all
subsequent holders of the Note.

     7.07  Counterparts.  This Loan  Agreement  may be executed in any number of
counterparts,  each of  which  shall be  deemed  an  original,  but all of which
together shall constitute one and the same instrument.

     7.08 Governing:  Law. This Loan  Agreement,  the Note and the Deed of Trust
shall be deemed  contracts  made under the laws of the State of Colorado and for
all purposes shall be construed in accordance with the laws of said State.

     7.09 Article and Section  Headings.  Article and Section  headings  used in
this Agreement are for convenience only and shall not affect the construction of
this Agreement.

     IN WITNESS WHEREOF, the parties hereto have each caused this Loan Agreement
to be duly executed as of the day and year first above written.

                                     - 10 -

<PAGE>

LENDER:                                   FRONT RANGE REGIONAL ECONOMIC
                                          DEVELOPMENT CORPORATION,
                                          a Colorado non-profit corporation

                                          By:  /s/ Tod W. Cecil
                                               ---------------------------------
                                               President

ATTEST:

/s/ Mike O'Donnell
----------------------------------
Mike O'Donnell, Executive Director

BORROWER:

                                          DEVELOPMENT CORPORATION,
                                          a Colorado non-profit corporation

                                          AspenBio, Inc., a Colorado corporation

                                          By:  /s/ Roger Hurst
                                               ---------------------------------
                                               Roger Hurst, President

                                     - 11 -EXHIBIT 10.23(b)

                      U. S. Small Business Administration

                                      NOTE
                                 (CDC/504 LOANS)

------------------------------------------------------------------------------
SBA Loan #            CDC 461,892-40-00-DEN
------------------------------------------------------------------------------
SBA Loan Name         AspenBio, Inc.
------------------------------------------------------------------------------
Date                  June 13, 2003
------------------------------------------------------------------------------
Loan Amount           $1,300,000
------------------------------------------------------------------------------
Borrower              AspenBio, Inc., a Colorado corporation
------------------------------------------------------------------------------
Operating
Company
------------------------------------------------------------------------------
CDC                   Front Range Regional Economic Development Corporation
------------------------------------------------------------------------------
Funding Date:        July 16, 2003                *Interest Rate:

First Payment Due:   August 2, 2003               * P&I Amount: $

Note Maturity Date:  July l., 2023                * Monthly Payment: $
                                                             (*blank at signing)

1. PROMISE TO PAY:

     In return for the Loan, Borrower promises to pay to the order of CDC the
     amount of One Million Three Hundred Thousand and No/lOOths ($1.300.000.00)
     Dollars, interest on the unpaid principal balance, the fees specified in
     the Servicing Agent Agreement, and all other amounts required by this Note.

2. DEFINITIONS:

     "Collateral" means any property taken as security for payment of this Note
     or any guarantee of this Note.
     "Debenture" means the debenture issued by CDC to fund the Loan.
     "Guarantor" means each person or entity that signs a guarantee of payment
      of this Note.
     "Loan" means the loan evidenced by this Note.
     "Loan Documents" means the documents related to this loan signed by
      Borrower, Guarantor, or anyone who pledges collateral.
     "SBA" means the Small Business Administration, an Agency of the United
      States of America.
     "Servicing Agent Agreement" means the agreement between the Borrower and
      the CDC that, among other things. appoints a servicing agent ("Servicing
      Agent") for this Note.

<PAGE>
3. INTEREST RATE AND PAYMENTS:

     The terms of the debenture sale will establish the interest rate, P & I
     amount, and Monthly Payment for this Note. Borrower acknowledges that these
     terms are unknown when Borrower signs this Note.

     A.   Once established, the interest rate is fixed. Interest begins to
          accrue on the Funding Date.
     B.   Monthly Payments are due on the first business day of each month,
          beginning on the First payment Date and continuing until the Note
          Maturity Date, when all unpaid amounts will be due. Borrower must pay
          at the place and by the method the Servicing Agent or CDC designates.
          The Monthly Payment includes the monthly principal and interest
          installment (P & I Amount), and the monthly fees in the Servicing
          Agent Agreement. The Servicing Agent will apply regular Monthly
          Payments in the following order: I) monthly fees, 2) accrued interest,
          and 3) principal.

4. LATE-PAYMENT FEE:

     CDC charges a late fee if the Servicing Agent receives a Monthly Payment
     after the fifteenth day of the month when it is due. The late fee is five
     percent of the payment amount, or $100.00, whichever is greater. The late
     fee is in addition to the regular Monthly Payment.

5. RIGHT TO PREPAY:

     Borrower may prepay this Note in full on a specific date each month set by
     the Servicing Agent. Borrower may not make partial prepayments. Borrower
     must give CDC at least 45 days' prior written notice. When it receives the
     notice, CDC will give Borrower prepayment instructions. At least 10 days
     before the payment date, Borrower must wire a non-refundable deposit of
     $1,000 to the Servicing Agent. The Servicing Agent will apply the deposit
     to the prepayment if Borrower prepays. In any prepayment, Borrower must pay
     the sum of all of the following amounts due and owing through the date of
     the next semi-annual Debenture payment:

     A. Principal balance;
     B. Interest;
     C. SBA guarantee fees;
     D. Servicing agent fees;
     E. CDC servicing fees;
     F. Late Fees;
     G. Expenses incurred by CDC for which Borrower is responsible; and
     H. Any prepayment premium.

6. PREPAYMENT PREMIUM:

     If Borrower prepays during the first half of the Note term, Borrower must
     pay a prepayment premium. The formula for the prepayment premium is
     specified in the Debenture and may be obtained from CDC.

7. DEFAULT:

     Borrower is in default under this Note if Borrower does not make a payment
     when due under this Note, or if Borrower or Operating Company:

     A.   Fails to do anything required by this Note and other Loan Documents;
     B.   Defaults on any other loan made or guaranteed by SBA.
     C.   Does not preserve or account to CDC's satisfaction for any of the
          Collateral or its proceeds;
     D.   Does not disclose, or anyone acting on their behalf does not disclose,
          any material fact to CDC or SBA;
     E.   Makes, or anyone acting on their behalf makes, a materially false or
          misleading representation to CDC or SBA;
     F.   Defaults on any loan or agreement with another creditor, if CDC
          believes the default may materially affect Borrower's ability to pay
          this Note;
     G.   Fails to pay any taxes when due;
     H.   Becomes the subject of a proceeding under any bankruptcy or insolvency
          law;
     I.   Has a receiver or liquidator appointed for any part of their business
          or property;
     J.   Makes an assignment for the benefit of creditors;
     K.   Has any adverse change in financial condition or business operation
          that CDC believes may materially affect Borrower's ability to pay this
          Note;
     L.   Reorganizes. merges, consolidates, or otherwise changes ownership or
          business structure without CDC's prior written consent, except for
          ownership changes of up to 5 percent beginning six months after the
          Loan doses; or
     M.   Becomes the subject of a civil or criminal action that CDC believes
          may materially affect Borrower's ability to pay this Note.

8. CDC'S RIGHTS IF THERE IS A DEFAULT:

     Without notice or demand and without giving up any of its rights, CDC may:

     A.   Require immediate payment of all amounts owing under this Note.
     B.   Collect all amounts owing from any Borrower or Guarantor;
     C.   File suit and obtain judgment;
     D.   Take possession of any Collateral; and,
     E.   Sell, lease, or otherwise dispose of, any Collateral at public or
          private sale, with or without advertisement.

9. CDC'S GENERAL POWERS:

Without notice and without Borrower's consent. CDC may:

     A.   Bid or buy at any sale of Collateral by Lender or another lienholder,
          at any price it chooses;
     B.   Incur expenses to collect amounts due under this Note, enforce the
          terms of this Note or any other Loan Document, and preserve or dispose
          of the Collateral. Among other things, the expenses may include
          payments for property taxes, prior liens, insurance, appraisals,
          environmental remediation costs, and reasonable attorney's fees and
          costs. If CDC incurs such expenses, it may demand immediate repayment
          from Borrower or add the expenses to the principal balance;
     C.   Release anyone obligated to pay this Note;
     D.   Compromise, release, renew, extend or substitute any of the
          Collateral; and
     E.   Take any action necessary to protect the Collateral or collect amounts
          owing on this Note.

10. FEDERAL LAW:

     When SBA is the holder, this Note will be interpreted and enforced under
     federal law, including SBA regulations. CDC or SBA may use state or local
     procedures for filing papers, recording documents, giving notice,
     foreclosing liens, and other purposes. By using such procedures, SBA does
     not waive any federal immunity from state or local control, penalty, tax,
     or liability. As to this Note, Borrower may not claim or assert against SBA
     any local or state law to deny any obligation, defeat any claim of SBA, or
     preempt federal law.

11. SUCCESSORS AND ASSIGNS:

     Under this Note, Borrower and Operating Company include the successors of
     each, and CDC includes its successors and assigns.

12. GENERAL PROVISIONS:

     A.   All individuals and entities signing this Note are jointly and
          severally liable.
     B.   Borrower authorizes CDC, the Servicing Agent, or SBA to complete any
          blank terms in this Note and any other Loan Documents. The completed
          terms will bind Borrower as if they were completed prior to this Note
          being signed.
     C.   Borrower waives all suretyship defenses.
     D.   Borrower must sign all documents necessary at any time to comply with
          the Loan Documents and to enable CDC to acquire, perfect, or maintain
          CDC's liens on Collateral.
     E.   CDC may exercise any of its rights separately or together, as many
          times and in any order it chooses. CDC may delay or forgo enforcing
          any of its rights without giving any up.
     F.   Borrower may not use any oral statement to contradict or alter the
          written terms of, or raise a defense to, this Note.
     G.   If any part of this Note is unenforceable, all other parts remain in
          effect.
     H.   To the extent allowed by law, Borrower waives all demands and notices
          in connection with this Note, incJuding presentment, demand, protest,
          and notice of dishonor. Borrower also waives any defenses based upon
          any claim that CDC did not obtain any guarantee; did not obtain,
          perfect, or maintain a lien upon Collateral; impaired Collateral; or
          did not obtain the fair market value of Collateral at a sale.

<PAGE>
13. STATE-SPECIFIC PROVISIONS:

                    THIS PAGE IS NOT APPLICABLE TO THIS NOTE.

<PAGE>
14.  BORROWER'S NAME(S) AND SIGNATURE(S):

By signing below, each individual or entity becomes obligated under this Note as
Borrower:

BORROWER:

                                AspenBio, Inc., a Colorado corporation

                                /s/ Roger Hurst
                                --------------------------------------
                                Roger Hurst, President

ASSIGNMENT: CDC assigns this Note to SBA.

By:     /s/ Tod W. Cecil                     Date: June 13, 2003
    ---------------------------------
Typed Name: Tod W. Cecil, President,  authorized officer of CDC.
            --------------

<PAGE>

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