PROMISSORY NOTE

Exhibit 10.2

PROMISSORY NOTE

$3,500,000.00                                                                                                         Effective Date: October 27, 2006

     FOR VALUE RECEIVED, Siouxland Ethanol, LLC (“Maker”), promises to pay to the order of Farm Credit Service of America, PCA (“FCSA”) at its office at 5015 South 118 ^th St., Omaha, Nebraska 68137, or such other place as FCSA shall direct in writing, the principal sum of Three Million Five Hundred Thousand Dollars ($3,500,000.00) or, if less, the amount outstanding under this Note for Advances pursuant to the Credit Agreement dated as of May 4,, 2006, by and between FCSA and Maker (as it may be amended from time to time in the future, the “Credit Agreement”) and any indebtedness related thereto. This Note is issued and delivered to FCSA pursuant to the Credit Agreement. All capitalized terms used in this Note and not otherwise defined herein shall have the same meanings as set forth in the Credit Agreement.

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