8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                                October 30, 2001
                                 Date of Report
                        (Date of Earliest Event Reported)

                         Ameritrans Capital Corporation
             (Exact name of Registrant as specified in its charter)


           Delaware                 333-63951                     52-2102424
(State or other jurisdiction of    (Commission                 (I.R.S. Employee
incorporation or organization)      File No.)                    I.D. Number)


       747 Third Avenue, 4th Floor
           New York, New York                                        10017
(Address of principal executive offices)                           (Zip Code)



                                 (800) 214-1047
              (Registrant's telephone number, including area code)





ITEM 5. OTHER EVENTS.

     In a letter to the shareholders of Ameritrans Capital Corporation (the
"Company") dated October 30, 2001, Gary C. Granoff, the president of the
Company, distributed the Company's privacy policy statement, which outlines how
and when the Company releases information to third parties concerning the
Company's borrowers and shareholders.

(c)  EXHIBITS.

     99.1 Privacy policy statement of the Company.

                                       -2-



                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant has duly authorized and caused the undersigned to sign this Report on
the Registrant's behalf.

                                        AMERITRANS CAPITAL CORPORATION



                                        By:  /s/ Gary Granoff
                                             ----------------------
                                             Name:  Gary Granoff
                                             Title: President


Dated: November 20, 2001


                                       -3-

EX-99.2

                           Statement of Privacy Policy

                                                                      July, 2001

Dear Valued Customer:

Ameritrans Capital Corp., Elk Associates Funding Corporation and EAF Holding
Corp collectively, ("we") are committed to maintaining the privacy of our
current and prospective individual clients and investors ("you). We recognize
that you entrust us with important personal financial information, and we assure
you that protecting and safeguarding this information is one of our highest
priorities.

In connection with making available loans and providing other related investment
products and services, we obtain nonpublic personal information about our
individual customers. This information may include your name, address, e-mail
address, social security number, account number, financial situation, credit
history and other personal information.

We may collect nonpublic information about you from the following sources:

*    Information we receive on applications, forms, questionnaires, web sites,
     agreements or in the course of establishing a customer relationship, or
     stockholder relationship.

*    Information about your transactions with us, our affiliates, or others

*    Information we obtain as a result of transactions between or among our
     parent or subsidiary companies.

*    Information that we receive from consumer reporting agencies

We do not disclose any nonpublic personal information about our customers or
former customers to any nonaffiliated parties, except as permitted by law, or in
the event we sell a particular loan or investment or sell a participation
interest in any loan or investment we make.

We restrict access to nonpublic personal information about you to those
employees, agents or other parties who need to know that information to provide
our products or services to you. We maintain procedural safeguards to guard your
nonpublic personal information. If you have any questions about our policy,
please contact us.