For Immediate Release

FROM:
Ameritrans Capital Corporation
For more information Contact:
Gary C. Granoff
(800) 214-1047




Ameritrans Announces Election of Directors and
Amendment to its Certificate of Incorporation


New York, NY, May 9, 2006 Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP)
today hosted its annual meeting of shareholders.  As part of the annual
meeting, the shareholders elected eleven members to serve on the Company's
Board of Directors: Steven Etra, Michael Feinsod, Wesley Finch,
Gary C, Granoff, Murray A. Indick, Allen Kaplan, John R. Laird,
Howard Sommer, Heidi Sorvino, Ellen M. Walker, and Ivan J. Wolpert.
Each of the Directors will serve on the Company's Board of Directors until
the Company's 2007 annual meeting of shareholders, which is anticipated for
the Spring of 2007.

The shareholders also approved amending the Company's Certificate of
Incorporation to increase the number of authorized shares of common stock of
the Company from 5,000,000 shares to 10,000,000 shares.

The amendment to the Certificate of Incorporation was filed with the Delaware
Secretary of State on Tuesday, May 9, 2006 and became effective immediately
upon filing.

Ameritrans Capital Corporation is a specialty finance  company engaged in making
loans  to  and  investments  in  small  businesses.   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.   The  Company  maintains  its  offices  at 747 Third  Avenue,
4th Floor, New York, NY 10017.

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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.