8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

May 12, 2010

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 incorporation or organiztion)	(Commission File No.)	(I.R.S. Employee I.D. Number)

747 Third Avenue, 4th Floor

New York, New York 10017

(Address of principal executive offices (Zip Code)

(212) 355-2449

 (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:

[_]

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 (17 CFR 240.14a-12)

[_]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.  Other Events.

On May 12, 2010, the Board of Directors of Ameritrans Capital Corporation (the “Company”) approved a repurchase program (the “Repurchase Program”) for its 9 3/8% Cumulative Participating Redeemable Preferred Stock. On May 17, 2010, the Company issued a press release announcing the Repurchase Program, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release, dated May 17, 2010

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/ Michael Feinsod                

Name:  Michael Feinsod

Title: Chief Executive Officer and President

Dated: May 17, 2010

Exhibit Index

Exhibit No.	Description
99.1	Press Release, dated May 17, 2010

EX-99.1

Exhibit 99.1

Ameritrans Capital Corporation Announces Preferred Stock Repurchase Program

NEW YORK, May 17, 2010 (BUSINESS WIRE) -- On May 12, 2010, the Board of Directors of Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) approved a repurchase program (the “Repurchase Program”) for its 9 3/8% Cumulative Participating Redeemable Preferred Stock (“Preferred Stock”). Under the Repurchase Program, Ameritrans may from time to time purchase up to 150,000 shares of Preferred Stock in open market purchases in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of purchases made under the Repurchase Program will depend upon prevailing stock prices, general economic and market conditions, and other factors. Any Preferred Stock acquired under the Repurchase Program will be retired.

About Ameritrans

Ameritrans Capital Corporation is an internally managed, closed-end investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended. Ameritrans originates, structures and manages a portfolio of secured business loans and selected equity securities. 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.

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.

Ameritrans Capital Corporation

Michael Feinsod, 212-355-2449