8-K

                     U.S. 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


                               May 17, 2004
                               ------------
                               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 7.  Financial Statements and Exhibits

         c.  Exhibits

             99.1   Press Release dated May 17, 2004

ITEM 12. Results of Operations and Financial Condition.

         On May 17, 2004 Ameritrans Capital Corporation issued a press
release announcing its results for the quarter ended March 31, 2004. The
press release is attached hereto as Exhibit 99.1.

         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.





                                   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 C. GRANOFF
                                              ----------------------------------
                                                Name:  Gary C. Granoff
                                                Title:  President

Dated: May 17, 2004


Exhibit Index


Exhibit
Number                   Description
- -------                  -----------
99.1                     Press Release dated May 17, 2004

EX-99

For:							From:
Ameritrans Capital Corporation			Gregory FCA Communications, Inc.
For more information Contact:			For more information Contact:
Gary Granoff						Kathy Keyser
(212) 355-2449					(610) 642-8253


Ameritrans Reports Fiscal Year 2004 Third Quarter Results

New York, NY, May 17, 2004- Ameritrans Capital
Corporation (NASDAQ: AMTC, AMTCP) reported financial
results for the quarter ended March 31, 2004.  For the
company's third fiscal quarter, total investment income
was $1.43 million compared to $1.55 million during the
prior comparable period.  Ameritrans reported a net loss
available to common shareholders for the third quarter of
fiscal year 2004 of ($135,998) or ($0.07) per basic and
diluted common share, versus a net loss of ($182,222) or
($0.09) per basic and diluted common share for the same
period of fiscal year 2003.  The Company's net loan
portfolio at March 31, 2004 was $54.1 million versus
$55.1 million at March 31, 2003.  Not included in the net
loan portfolio for the period ended March 31, 2004 was
$1.42 million of medallions owned which are represented
through inter-company receivables from wholly-owned
subsidiaries.  The Company's net equity securities at
March 31, 2004 were $1,011,507 versus $929,405 at June
30, 2003.


For the nine months ended March 31,
2004, Ameritrans reported total
investment income of $4.30 million,
compared to $4.74 million during the
prior comparable period.
Net loss available to common shareholders for the nine
months ended March 31, 2004 was
($616,963) or ($0.30) per basic and
diluted common share, versus a profit
of $215,046, or $0.11 for the nine
months ended March 31, 2003.


Gary C. Granoff, President of Ameritrans stated, "We have
 improved our net investment loss for the third quarter
of fiscal year 2004, an increase on both a quarter-over-
quarter and sequential basis.  Our operating loss has
diminished and our programs in Chicago to resell our
defaulted medallion collateral, including our leasing
programs through our new limited liability company
subsidiaries, are making substantial progress and will
have a positive result on future revenues and cash flow.
Although we continue to be affected by the remaining
foreclosures of Chicago medallion taxi loans that are
still in progress, we expect to complete the remaining
sales over the next few months.  We believe that the
steps taken during fiscal 2004 will produce better
results for the company for the fiscal year ending June
30, 2005."

Ameritrans Capital Corporation is a specialty finance
company engaged in making loans to and investments in
small businesses.  Ameritrans' wholly owned subsidiary
Elk Associates Funding Corporation, was licensed by the
United States Small Business Administration as a Small
Business Investment Company (SBIC) in 1980.  The company
maintains its offices at 747 Third Avenue; 4th Floor; New
York, NY 10017.


# # #

This announcement contains forward-looking statements
within the meaning of the Private Securities Litigation
Reform Act of 1995.  Such statements are subject to
certain risks and uncertainties that could cause actual
results to differ materially from those presently
anticipated or projected.  Ameritrans Capital Corporation
cautions investors not to place undue reliance on
forward-looking statements, which speak only as to
management's expectations on this date.