Items 2.01 Completion of Disposition of Assets

Ameritrans Capital Corporation (the "Company") and its wholly owned subsidiary, Elk Associates Funding Corporation ("Elk") announced today that it closed on the sale of the Company's taxicab medallion portfolio to Medallion Financial Corp. and Medallion Bank, pursuant to that certain loan portfolio sale and purchase agreement dated as of July 16, 2008, as amended October 17, 2008 and October 20, 2008.

The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein by reference.