40-17G

AMERITRANS CAPITAL CORPORATION LETTERHEAD

April 17, 2008

VIA EDGAR
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:

Fidelity Bond of Ameritrans Capital Corporation

To Whom It May Concern:

On behalf of Ameritrans Capital Corporation and its subsidiary Elk Associates Funding Corporation (the “Company”), enclosed for filing with the Securities and Exchange Commission pursuant to Rule 17g-1 under the Investment Company Act of 1940 are the following:

(i)

a copy of the Company’s fidelity bond binder, we will submit to you the executed fidelity bond when we receive it in approximately 30 days; and  

(ii)

a copy of the resolutions of a majority of the Board of Directors who are not “interested persons” of the Company approving the form and amount of the bond.

Premiums have been paid for the period from April 8, 2008 through April 8, 2009.

Sincerely,

/s/ Michael Feinsod

Michael Feinsod

Enclosures

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EX-99

[BWD GROUP LLC LETTERHEAD]

April 8, 2008

Ms. Silvia Mullens
Ameritrans Capital Corp.
747 Third Avenue
New York, NY 10017

RE:

Financial Institution Bond Policy
Policy No. 2348486
National Union Fire Ins. Co. Pittsburgh, PA
Policy Term: 04/08/2008 to 04/08/2009

Dear Silvia,

We are pleased to enclose our binder and invoice for the captioned placement. As directed we secured coverage with National Union Fire Ins. Co. Pittsburgh, PA for the annual premium of $6,071.

Should you have any questions or concerns, please feel free to contact this office.

Thank you for placing your most valuable business with BWD Group LLC.

Regards,

Jonathan D. Maio
Senior Specialist
Management Liability Division

w:\ameritrans\fideltiy bond\binder for edgar.doc

ACORD  INSURANCE BINDER

Date 04/08/08

THIS BINDER IS A TEMPORARAY INSURANCE CONTRACT, SUBJECT TO THECONDITIONS SHOWN ONTHEREVERSE SIDE FO THIS FORM

PRODUCER

PHONE (A/C No. Ext): 516 327-2700

Company National Union Fire Ins.

Binder# 2348486

FAX (A/C No. Ext): 516 327-2800

BWD Group LLC BWD Plaza, P.O. Box 9050 113 South Service Road Jericho, NY 11753

EFFECTIVE

EXPIRATION

Date

Time

Date

Time

04/08/08

12:01

X

AM PM

04/08/09

12:01

X

12:01AM NOON

CODE:

SUB CODE:

THIS BINDER IS ISSUED TO EXTEND DOVERAGE IN THE ABOVE NAMED COMPANY PER EXPIRING POLICY #:

AGENCY CUSTOMER ID:  2896

INSURED Ameritrans Capital Corp. ELK Associates Funding Corp. 747 Third Avenue New York, NY 10017 ATTN:  Silvia Mullens

COVERAGES

LIMITS

TYPE OF INSURANCE COVERAGE/FORMS DEDUCTIBLE COINS % AMOUNT

Property Causes of Loss

Basic Broad SPEC

General Liability

Each Occurrence

$

Damage to rented premises

$
Commercial General Liability

Med Exp (Any one person

$

Person & Adv Injury

$
Claims Made Occur

General Aggregate

$

Products – Comp/Op Agg

$

Automobile Liability

Combined Single Limit

$
Any Auto

Bodily Injury (per person)

$

Bodily Injury (per accident)

$
All owned Autos

Property Damage

$
Scheduled Autos

Medical Payments

$
Hired Autos

Personal Injury Prot

$
Non-Owned Autos

Uninsured Motorist

$

$

Auto Physical Damage

All Vehicles   Scheduled Vehicles

Actual cash value
Deductible

Stated Amount

$
Collision ______

Other than Col: _____

Other

Garage Liability

Auto Only – EA accident

$
Any Auto

Other than auto only

Each Accident

$

Aggregate

$

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Excess Liability

Each Occurrence

$
Umbrella Form

Aggregate

$
Other Than Umbrella Form

Retro Date for claims made:

Self-insured retention

$

Worker’s Compensation

WC Statutory Limits

E.L. Each accident

$

E.L. Disease – EA Employee

$

E.L. Disease – Policy Limit

$

Financial Institution Bond

Fees

$
Special Conditions/

Taxes

$
Other coverages

Estimated total Premium

$

Name & Address

Mortgagee  Additional Insured

Loss payee

Loan#

Authorized Representative

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SPECIAL CONDITIONS/OTHER COVERAGES (Cont. from page 1)

Financial Institution Bond Form 24

Named Insureds:
Ameritrans Capital Corporation
ELK Associates Funding Corporation

Insuring Clause & Limit of Liability:

Employee Dishonesty

$750,000

Forgery or Alteration

$750,000

Securities

$750,000

Computer Systems

$750,000

Aggregate Bond Limit;

$750,000

Deductible:

$5,000

Annual Premium:

$6,071

Policy; Fidelity Bond Form 24 inclusive of the following Endorsements;

1.

Forms Index Endorsement
2.

Unauthorized Signatures
3.

ERISA Rider
4.

Amend Fidelity Agreement A
5.

New York Statutory Rider
6.

Coverage Territory Endorsement (OFAC)

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EX-99

UNANIMOUS WRITTEN CONSENT

OF

THE BOARD OF DIRECTORS

OF

AMERITRANS CAPITAL CORPORATION

The undersigned, being all of the directors of Ameritrans Capital Corporation (the "Company”), including a majority of the directors who are not “interested persons” of the Company, as required by Rule 17g-1 under the Investment Company Act of 1940 in accordance with Section 141(f) of the Delaware General Corporation Law, do hereby adopt the following resolutions with the same force and effect as if passed by unanimous vote at a duly convened meeting of the board of directors of the Company (the “Board”):

NOW THEREFORE BE IT RESOLVED, that having considered the expected value of the assets of the Company to which officers or employees of the Company may have access, the nature of the business activities of the Company, the type and terms of the arrangements made for the custody of the Company’s assets, the nature of securities and other investments to be held by the Company, and other requirements of Section 17(g) of the Investment Company Act of 1940, as amended (the “Act”), and Rule 17g-1 thereunder, the amount and form of the fidelity bond, and the premium to be paid by the Company for the fidelity bond covering the officers of the Company and insuring the Company against loss from fraudulent or dishonest acts, including larceny and embezzlement, by officers and employees of the Company and certain other persons, with National Union Fire Insurance Company Financial Institution Bond Policy Number 2348486, (the “Fidelity Bond” ;) is hereby authorized, approved and ratified; and be it further

RESOLVED,  that the Board hereby authorizes, approves and ratifies the Fidelity Bond, which provides for $750,000 in coverage per claim and an aggregate of $750,000 in coverage and requires an annual premium of $6,071, with a deductible of $5,000; and be it further

RESOLVED, that Michael Feinsod be, and hereby is, designated as the party responsible for making the necessary filings and giving the notices with respect to the fidelity bond as required by paragraph (g) of Rule 17g-1 and is hereby directed to:

1.

File with the Securities and Exchange Commission (“SEC”) within 10 days after execution of the fidelity bond or amendment thereof:  (a) a copy of the bond, (b) a copy of each resolution of the Board of Directors, including a majority of the Directors who are not “interested persons,” approving the amount, type, form and coverage of such bond and the amount of the premium to be paid by the Company, and (c) a statement as to the period for which the premiums for such bond have been paid;

2.

File with the SEC, in writing, within five days after the making of a claim under the bond by the Company, a statement of the nature and amount of the claim;

3.

File with the SEC, within five days after the receipt thereof, a copy of the terms of the settlement of any claim under the bond of the Company; and

4.

Notify by registered mail, each member of the Board of Directors at his or her last known residence of:  (a) any cancellation, termination or modification of the bond, not less than 45 days prior to the effective date of such cancellation, termination or modification; (b) the filing and the settlement of

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any claims under the bond by the Company at any time the filings required under (2) and (3) above are made with the SEC; and (c) the filing and proposed terms of settlement of any claim under the bond by any other named insured, within five days of the receipt of a notice from the fidelity insurance company; and be it further

RESOLVED, that Stursberg and Associates, LLC is hereby authorized to act as the escrow agent for the Company pursuant to the escrow agreement substantially in the form attached hereto; and be it further

RESOLVED, that the appropriate officers of the Company be, and they hereby are, authorized and empowered, in the name and on behalf of the Company, to execute all such documents or instruments, in order to carry out the foregoing resolutions and to effectuate the purposes and intent thereof, and that all actions taken by the officers of the Company to date in connection with the foregoing resolutions are hereby in all respects confirmed, ratified and approved.

IN WITNESS WHEREOF, the undersigned have executed this Written Consent as of the 15th day of April, 2008.

/s/ Gary C. Granoff

/s/ John R. Laird

Gary C. Granoff

John R. Laird

/s/ Michael Feinsod

/s/ Steven Etra

Michael Feinsod

Steven Etra

/s/ Murray A. Indick

/s/ Ivan Wolpert

Murray A. Indick

Ivan Wolpert

/s/ Ellen M. Walker

/s/ Howard Sommer

Ellen M. Walker

Howard Sommer

/s/ Wesley Finch

____________________________________

Wesley Finch

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