Exhibit 10.2

                                    IDB Bank

                                         April 30, 2003

Mr. Gary Granoff
Elk Associates Funding Corp.
747 Third Avenue
New York, New York 10017

Dear Gary:

We are pleased to confirm that we renewed the line of credit for Elk Associates
Funding Corp. in the amount of $16,000,000.

Credit availability under this line is subject to the receipt of and continuing
satisfaction with current financial and other information which current
information is to be furnished by you to the Bank as we may, from time to time,
require.

The line of credit expires on October 31, 2003.

As in the past, the line of credit may be withdrawn at the Bank's sole
discretion at any time.

If you have any questions, please call me.

                                        Very truly yours,


                                        /s/ Robert J. Fainelli
                                        ----------------------
                                        Robert J. Fainelli
                                        First Vice President