Exhibit 10.24



Swap Executed  Final Terms October 12, 2005

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|                             |                                                                                                                                                          
|---------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|
Fixed Rate Payer:          | Elk Associates Funding Corp.                                                                                                                             
|
Floating Rate Payer:       | Citibank, N.A.                                                                                                                                           
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Notional Principal:        | $5MM USD                                                                                                                                                 
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Amortization:              | None                                                                                                                                                     
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Trade Date:                | October 12, 2005                                                                                                                                         
|
Effective:                 | October 14, 2005                                                                                                                                         
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Maturity:                  | October 14, 2008                                                                                                                                         
|
Fixed Rate:                | 6.23% (Subject to market movement until locked in, includes loan credit spread)                                                                          
|
Fixed Payment Dates:       | Monthly, commencing November 14, 2005 up to and including the maturity date, with adjustment for period end dates, following a NY Business Day Convention
|
Fixed Day Count:           | A/360                                                                                                                                                    
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Business Days for Payment: | New York                                                                                                                                                 
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Calculation Agent:         | Citigroup                                                                                                                                                
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Floating Rate:             | 1 Month LIBOR                                                                                                                                            
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Spread:                    | 1.50%                                                                                                                                                    
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Rate determination:        | 2 London business days prior to reset                                                                                                                    
|
Floating Rate Payment:     | Monthly, commencing November 14, 2005 up to and including the maturity date with adjustment for period end dates, following a NY Business Day Convention 
|
Early Termination:         | Governed by 2-way yield maintenance                                                                                                                      
|
Credit Provisions:         | To be provided by Alan Ackbarali  Middle Market, NY



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