AMERITRANS Form 40-17G

AMERITRANS CAPITAL CORPORATION LETTERHEAD

April 16, 2010

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 all of the members of the Company’s Board of Directors, including a majority who are not “interested persons” of the Company approving the form and amount of the fidelity bond and binder.

Premiums have been paid for the period from April 8, 2010 through April 8, 2011.

Sincerely,

/s/ Michael Feinsod

Michael Feinsod

Enclosures

UNANIMOUS WRITTEN CONSENT

THE BOARD OF DIRECTORS

AMERITRANS CAPITAL CORPORATION

AND

ELK ASSOCIATES FUNDING CORPORATION

The undersigned, being all of the directors of Ameritrans Capital Corporation, in accordance with Section 141(f) of the Delaware General Corporation Law (“Ameritrans”) and Elk Associates Funding Corp. in accordance with Section 708(b) of the New York Business Corporation law (“Elk” and, together with Ameritrans, the “Company”), including a majority of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of, and as required by Rule 17g-1 under, the Investment Company Act of 1940, as amended (the “Act”), 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 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 Pittsburgh, PA Financial Institution Bond Binder Number 120417, (the “Fidelity Bond” ) is hereby authorized, approved and ratified; and be it further

RESOLVED, that the Board hereby authorizes, approves and ratifies the renewal of the Fidelity Bond, which provides for $750,000 in coverage per claim and an aggregate of $1,500,000 in coverage and requires an annual premium of $1,687, with a deductible of $5,000; and be it further

RESOLVED, that Michael Feinsod, our Chief Executive Officer, 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 or binder, (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 any 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 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 continue to act as the escrow agent for the Company pursuant to the escrow agreement executed on April 15, 2008, 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 15 day of April, 2009.

Peter Boockvar

Steven Etra

Michael Feinsod

Gary C. Granoff

Murray Indick

John Laird

Elliott Singer

Howard Sommer

Ivan Wolpert

[BWD GROUP LLC LETTERHEAD]

April 6, 2010

Ms. Silvia Mullens

Ameritrans Capital Corp.

747 Third Avenue, 4th Floor

New York, NY 10017

RE:

Financial Institution Bond Policy

National Union Fire Ins Co Pittsburgh PA

Polio, Term: 04/08/2010 to 04/08/2011

Dear Silvia,

We are pleased to enclose our binder and invoice for the captioned placement. As directed we secured coverage with National Union Fire Insurance Company Pittsburgh, PA for the annual premium of $1,687. Please see the binder for specific policy terms and conditions.

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.

Sincerely,

/s/ Paul Weiss

Paul Weiss

Senior Specialist

Management Liability Division

ACORD INSURANCE BINDER

DATE

04/02/10

THIS BINDER IS A TEMPORARY INSURANCE CONTRACT, SUBJECT TO THE CONDITIONS SHOWN ON THE REVERSE SIDE OF THIS FORM.

PRODUCER

PHONE 516-327-2700

COMPANY

BINDER #

FAX 516-327-2800

National Union Fire Ins Co Pittsbur

BINDER120417

BWD Group LLC

EFFECTIVE

EXPIRATION

BWD Plaza, P.O. Box 9050

DATE

TIME

DATE

TIME

113 South Service Road

04/08/10

12:01

04/08/11

12:01 AM

Jericho, NY 11753

NOON

CODE:

SUB CODE:

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

AGENCY

CUSTOMER ID:

2896

INSURED

Ameritrans Capital Corp.

DECRIPTION OF OPERATIONS/VEHICLES/PROPERTY (Including Location)

747 Third Avenue, 4th Floor

New York, NY 10017

Loc#1: 747 Third Avenue, New York, NY

00000

COVERAGES

LIMITS

TYPE OF INSURANCE

COVERAGE/FORMS

DEDUCTIBLE

COINS %

AMOUNT

PROPERTY

CAUSES OF LOSS

BASIC

BROAD

SPEC

GENERAL LIABILITY

RETRO DATE FOR CLAIMS MADE:

EACH OCCURRENCE

COMMERCIAL GENERAL LIABILITY

DAMAGE TO RENTAL PREMISES

CLAIMS MADE

OCCUR

MED EXP (Any one person)

PERSONAL & adv INJURY

GENERAL AGGREGATE

PRODUCTS – COMP/OP AGG

AUTOMOBILE LIABILITY

COMBINED SINGLE LIMIT

ANY AUTO

BODILY INJURY (Per person)

ALL OWNED AUTOS

BODILY INJURY (Per accident)

SCHEDULED AUTOS

PROPERTY DAMAGE

HIRED AUTOS

MEDICAL PAYMENTS

NON-OWNED AUTOS

PERSONAL INJURY PROT

UNINSURED MOTORIST

AUTO PHYSICAL DAMAGE

ALL VEHICLES

SCHEDULED VEHICLES

ACTUAL CASH VALUE

DEDUCTIBLE

COLLISION

STATED AMOUNT

OTHER THAN COL

OTHER

GARAGE LIABILITY

AUTO ONLY EA ACCIDENT

ANY AUTO

OTHER THAN AUTO ONLY

EACH ACCIDENT

AGGREGATE

EXCESS LIABILITY

RETRO DATE FOR CLAIMS MADE:

EACH OCCURRENCE

UMBRELLA FORM

AGGREGATE

OTHER THAN UMBREALL FORM

SELF-INSURED RETENTION

WC STATUTORY LIMITS

WORKER’S COMPENSATION

EL EACH ACCIDENT

AND EMPLOYER’S LIABILITY

EL DISEASE – EA EMPLOYEE

EL DISEASE – POLICY LIMIT

SPECIAL

CONDITIONS/

OTHER

COVERAGES

Financial Institution Bond

FEES

TAXES

(See attached Spec Conditions/Other Covs pages.)

ESTIMATES TOTAL PREMIUM

NAME & ADDRESS

MORTGAGEE

ADDITIONAL INSURED

LOSS PAYEE

LOAN #

AUTHORIZED REPRESENTATIVE

/S/ Stuart B. Wilkins



	CONDITIONS

	This Company binds the kind(s) of insurance stipulated on the reverse side. The insurance is subject to the terms, conditions and limitations of the policy(ies) in current use by the Company.

	This binder may be cancelled by the Insured by surrender of this binder or by written notice to the Company stating when cancellation will be effective. This binder may be cancelled by the Company by notice to the Insured in accordance with the policy conditions. This binder is cancelled when replaced by a policy. If this binder is not replaced by a policy, the Company is entitled to charge a premium for the binder according to the Rules and Rates in use by the Company.



	Applicable In California

	When this form is used to provide insurance in the amount of one million dollars ($1,000,000) or more, the title of the form is changed from “Insurance Binder” to “Cover Note”.


	Applicable In Delaware

	The mortgagee or Obligee of any mortgage or other instrument given for the purpose of creating a lien on real property shall accept as evidence of insurance a written binder issued by an authorized insurer or its agent if the binder includes or is accompanied by: the name and address of the borrower; the name and address of the lender as loss payee; a description of the insured real property; a provision that the binder may not be canceled within the term of the binder unless the lender and the insured borrower receive written notice of the cancellation at least ten (10) days prior to the cancellation; except in the case of a renewal of a policy subsequent to the closing of the loan, a paid receipt of the full amount of the applicable premium, and the amount of insurance coverage.

	Chapter 21 Title 25 Paragraph 2119


	Applicable in Florida

	Except for Auto Insurance coverage, no notice of cancellation or nonrenewal of a binder is required unless the duration of the binder exceeds 60 days. For auto insurance, the insurer must give 5 days prior notice, unless the binder is replaced by a policy or another binder in the same company.


	Applicable in Nevada

	Any person who refuses to accept a binder which provides coverage of less than $1,000,000.00 when proof is required: (A) Shall be fined not more than $500.00, and (B) is liable to the party presenting the binder as proof of insurance for actual damages sustained therefrom.

ACORD 75 (2001101) 2 of 3 #20455


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

Insuring Clause & Limit of Liability:

Employee Dishonesty:		$750,000
Forgery or Alteration :		$750,000
Securities:		$750,000
Computer Systems:		$750,000

Aggregate Bond Limit:		$1,500,000

Deductible:		$5,000

Annual Premium:		$1,687

Policy: Fidelity Bond Form 15 inclusive of the following Endorsements :

1.	Forms Index Endorsement
2.	Unauthorized Signatures ($lMM limit / $25k deductible)
3.	ERISA Rider
4.	Amend Fidelity Agreement A
5.	New York Statutory Rider
6.	Coverage Territory (OFAC) Endorsement
7.	Notice of Claim (Reporting by Email) - New allows for claim reporting via email














AMS 75.4 (2001/01) 3 of 3 #20455

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