Exhibit 10.25

Swap Executed – Final Terms October 12, 2005

________________________________________________________________

Ÿ Fixed Rate Payer:	Elk Associates Funding Corp.
Ÿ Floating Rate Payer:	Citibank, N.A.
Ÿ Notional Principal:	$5MM USD
Ÿ Amortization:	None
Ÿ Trade Date:	October 12, 2005
Ÿ Effective:	October 14, 2005
Ÿ Maturity:	October 15, 2007
Ÿ Fixed Rate:	6.20% (Subject to market movement until locked in, includes loan credit spread)
Ÿ Fixed Payment Dates:	Monthly, commencing November 14, 2005 up to and including the maturity date, with adjustment for period end dates, following a NY Business Day Convention
Ÿ Fixed Day Count:	A/360
Ÿ Business Days for Payment:	New York
Ÿ Calculation Agent:	Citigroup
Ÿ Floating Rate:	1 Month LIBOR
Ÿ Spread:	1.50%
Ÿ Rate determination:	2 London business days prior to reset
Ÿ Floating Rate Payment:	Monthly, commencing November 14, 2005 up to and including the maturity date with adjustment for period end dates, following a NY Business Day Convention
Ÿ Early Termination:	Governed by 2-way yield maintenance
Ÿ Credit Provisions:	To be provided by Alan Ackbarali – Middle Market, NY citigroup