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


                               October 18, 2005
                               ------------
                               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)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below):


[ ]   Written communications pursuant to Rule 425 under the
      Securities Act (17 CFR 230.425)

[ ]   Soliciting material pursuant to Rule 14a-12 under
      the Exchange Act(17CFR240.14a-12)

[ ]   Pre-commencement communications pursuant to Rule 14d-2(b)
      under the Exchange Act(17CFR240.14d-2(b))

[ ]   Pre-commencement communications pursuant to Rule 13e-4(c)
      under the Exchange Act(17CFR240.13e-4(c))


- --------------------------------------------------------------------------------


Items to be Included in this Report



Item 8.01.    Other

Ameritrans Capital Corporation (the "Company") issued a press release to
the news media announcing, among other things, the Company's completion
of interest rate swaps.

A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.




Press release, dated October 18, 2005.





                                   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,
                                                Chief Executive Officer,
                                                Chief Financial Officer

Dated:  October 18, 2005


Exhibit Index


Exhibit
Number                   Description
- -------                  -----------
99.1                     Press Release dated October 18, 2005

EX-99

	For Immediate Release

	From:
	Ameritrans Capital Corporation
	For more information Contact:
	Gary Granoff
	(800) 214-1047

		AMERITRANS COMPLETES INTEREST RATE SWAPS

	New York, N.Y., October 18, 2005 - Ameritrans Capital Corporation
	(NASDAQ: AMTC, AMTCP, AMTCW) announced today the completion of two interest
        swap transactions, for $5 million each, which were effective on
        October 14, 2005.  One swap has a two year period and one swap has a
        three year period. The swaps are part of Ameritrans' plan to fix a
        portion of its borrowing costs.

       Gary C. Granoff, Ameritrans' President said, "We are pleased to have
       completed this transaction.  With market interest rates increasing,
       these two interest rate swaps will permit us to fix our interest expense
       at 6.20% on $5,000,000 for two years from the effective date, and to fix
       our interest expense at 6.23% on an additional $5,000,000 for three
       years from the effective date."

	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, New York 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.

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