SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   ----------

                                    FORM 10-Q

[X]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
     Act of 1934 For the Quarterly Period Ended September 30, 2001

                                       or

[ ]  Transition  Report  Pursuant  to Section  13 or 15(d) of the  Securities
     Exchange  Act of 1934  for  the  transition  period  from  ____________  to
     ____________

                         Commission File Number 0-22153

                                   ----------

                         AMERITRANS CAPITAL CORPORATION
             (Exact name of registrant as specified in its charter)

              Delaware                                     52-2102424
  (State or other jurisdiction of                       (I.R.S. Employer
   incorporation or organization)                      Identification No.)

          747 Third Avenue
            Fourth Floor
         New York, New York                                   10017
      (Address of Registrant's                             (Zip Code)
     principal executive office)

       Registrant's telephone number, including area code: (800) 214-1047

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                             Yes [X]           No [  ]

        The number of shares of Common Stock, par value $.0001 per share,
                 outstanding as of November 13, 2001: 1,745,600

<PAGE>


                         AMERITRANS CAPITAL CORPORATION

                                   FORM 10-Q

                                Table of Contents


PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
           Consolidated  Balance  Sheets as of September 30, 2001
             (unaudited) and June 30, 2001 .................................   1
           Consolidated  Statements of Operations -- For the Three Months
             Ended September 30, 2001 and 2000 (unaudited) .................   3
           Consolidated  Statements of Cash Flows -- For the Three
             Months Ended September 30, 2001 and 2000 (unaudited) ..........   4
           Notes to Consolidated Financial Statements ......................   6
Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations .............................  10

PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K ..................................  11

         Signatures ........................................................  12


                                      -ii-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                September 30, 2001 (Unaudited) and June 30, 2001

                                     ASSETS


<TABLE>
<CAPTION>
                                                         September 30, 2001     June 30, 2001
                                                         ------------------     -------------
<S>                                                         <C>                 <C>
Loans receivable ...................................        $ 53,785,894        $ 54,559,970
Less: unrealized depreciation on loans receivable ..            (318,500)           (318,500)
                                                            ------------        ------------

                                                              53,467,394          54,241,470
Cash and cash equivalents ..........................             721,881             575,229
Accrued interest receivable ........................           1,157,655             985,334
Assets acquired in satisfaction of loans ...........             741,879             932,814
Receivables from debtors on sales of assets acquired
    in satisfaction of loans .......................             416,551             421,823
Equity securities ..................................             489,439             436,914
Furniture, fixtures and leasehold improvements, net              101,680             101,902
Prepaid expenses and other assets ..................             589,673             289,383
                                                            ------------        ------------

                    TOTAL ASSETS ...................        $ 57,686,152        $ 57,984,869
                                                            ============        ============
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                      -1-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                September 30, 2001 (Unaudited) and June 30, 2001

                      LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                                                 September 30, 2001  June 30, 2001
                                                                 ------------------  -------------
<S>                                                                 <C>                <C>
LIABILITIES
        Debentures payable to SBA ..........................        $ 8,880,000        $ 8,880,000
        Notes payable, banks ...............................         35,000,000         35,550,000
        Accrued expenses and other liabilities .............            457,554            456,316
        Accrued interest payable ...........................            219,920            291,427
                                                                    -----------        -----------

             TOTAL LIABILITIES .............................         44,557,474         45,177,743
                                                                    -----------        -----------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
        Common stock, $.0001 par value: 5,000,000 shares
        authorized; 1,745,600 shares issued and outstanding,                175                175
        Additional paid-in-capital .........................         13,471,474         13,471,474
        Accumulated deficit ................................           (357,041)          (678,593)
        Accumulated other comprehensive income .............             14,070             14,070
                                                                    -----------        -----------

             TOTAL STOCKHOLDERS' EQUITY ....................         13,128,678         12,807,126
                                                                    -----------        -----------

             TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ....        $57,686,152        $57,984,869
                                                                    ===========        ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.



                                      -2-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

             For the Three Months Ended September 30, 2001 and 2000


<TABLE>
<CAPTION>
                                                Three Months Ended     Three Months Ended
                                                September 30, 2001     September 30, 2000
                                                ------------------     ------------------
<S>                                                <C>                     <C>
INVESTMENT  INCOME
  Interest on loans  receivable                    $1,479,631              $1,548,345
  Fees and other income                                45,700                  75,983
                                                  -----------             -----------

       TOTAL INVESTMENT INCOME                      1,525,331               1,624,328
                                                  -----------             -----------

OPERATING EXPENSES
     Interest                                         651,689                 962,499
     Salaries and employee benefits                   155,581                 141,494
     Legal fees                                        46,088                  38,291
     Miscellaneous administrative expenses            289,834                 183,066
     Loss on assets acquired in
        satisfaction of loans, net                     37,445                  14,588
     Directors' fees                                    3,750                     250
     Depreciation in value of loans                    18,322                 194,298
                                                  -----------             -----------

TOTAL OPERATING EXPENSES                            1,202,709               1,534,486
                                                  -----------             -----------

OPERATING INCOME                                      322,622                  89,842

       NET INCOME BEFORE INCOME TAXES                 322,622                  89,842

INCOME TAXES                                            1,070                   2,091
                                                  -----------             -----------
       NET INCOME                                    $321,552                $ 87,751
                                                  ===========             ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
       Basic                                        1,745,600               1,745,600
                                                  ===========             ===========
       Diluted                                      1,745,600               1,750,684
                                                  ===========             ===========
NET INCOME PER COMMON SHARE
       Basic                                           $.1842                  $.0503
                                                  ===========             ===========
       Diluted                                         $.1842                  $.0501
                                                  ===========             ===========
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                      -3-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

             For the Three Months Ended September 30, 2001 and 2000


<TABLE>
<CAPTION>
                                                                 September 30, 2001  September 30, 2000
                                                                 ------------------  ------------------
<S>                                                                   <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                                        $  321,552        $   87,751
                                                                     -----------       -----------

    Adjustments  to  reconcile  net  income to net cash (used in)
          provided  by  operating activities:
          Depreciation and amortization                                    8,600            15,541
    Changes in assets and liabilities
          Accrued interest receivable                                   (172,321)          132,278
          Prepaid expenses and other assets                             (300,290)          (46,722)
          Accrued expenses and other liabilities                           1,238            40,369
          Accrued interest payable                                       (71,507)          (75,139)
                                                                     -----------       -----------

            TOTAL ADJUSTMENTS                                           (534,280)           66,327
                                                                     -----------       -----------

             NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES        (212,728)          154,078
                                                                     -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES
        Net change in loans receivable, assets acquired in
            satisfaction of loans and receivables from debtors
            on sales of assets acquired in satisfaction of loans         970,283          (685,185)
        (Purchases) of equity securities                                 (52,525)          (38,788)
        Acquisition of furniture, fixtures and leasehold
            improvements                                                  (8,378)           (1,965)
                                                                     -----------       -----------

            NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES          909,380          (725,938)
                                                                     -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES
        (Repayments) proceeds from notes payable, banks, net            (550,000)          700,000
                                                                     -----------       -----------

             NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES      $ (550,000)          700,000
                                                                     -----------       -----------
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                      -4-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (UNAUDITED), Continued

             For the Three Months Ended September 30, 2001 and 2000


                                          September 30, 2001  September 30, 2000
                                          ------------------  ------------------

NET INCREASE IN CASH AND CASH EQUIVALENTS      $ 146,652         $   128,140
CASH AND CASH EQUIVALENTS - Beginning            575,229             376,507
                                             -----------         -----------

CASH AND CASH EQUIVALENTS - Ending             $ 721,881         $   504,647
                                             ===========         ===========


   The accompanying notes are an integral part of these financial statements.


                                       -5-
<PAGE>


                 AMERITRANS CAPITAL CORPORATION AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 -- Organization and Summary of Significant Accounting Policies

Financial Statements

     The   consolidated   balance  sheet  of  Ameritrans   Capital   Corporation
("Ameritrans" or the "Company") as of September 30, 2001, the related statements
of operations,  and cash flows for the three months ended September 30, 2001 and
September 30, 2000 included in Item 1 have been prepared by the Company, without
audit,  pursuant  to  the  rules  and  regulations  of the  Commission.  Certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance with generally accepted  accounting  principles have been
condensed or omitted pursuant to such rules and  regulations.  In the opinion of
management,  the  accompanying  consolidated  financial  statements  include all
adjustments (consisting of normal, recurring adjustments) necessary to summarize
fairly the Company's  financial position and results of operations.  The results
of operations for the three months ended  September 30, 2001 are not necessarily
indicative of the results of  operations  for the full year or any other interim
period.  These  financial  statements  should  be read in  conjunction  with the
audited financial  statements and notes thereto included in the Company's Annual
Report on Form 10-K for the fiscal  year  ended June 30,  2001 as filed with the
Commission.

     Organization and Principal Business Activity

     Ameritrans,  a Delaware  corporation acquired all of the outstanding shares
of Elk Associats Funding Corporation ("Elk") on December 16, 1999 in a share for
share exchange.  Prior to the acquisition,  Elk had been operating independently
and Ameritrans had no operations.  The historical  financial statements prior to
December 16, 1999 were those of Elk.

     Elk,  a  New  York   corporation,   is  licensed  by  the  Small   Business
Administration  ("SBA")  to  operate  as a  small  Business  Investment  Company
("SBIC")  under the Small Business  Investment Act of 1958, as amended.  Elk has
also  registered as an investment  company under the  Investment  Company Act of
1940 to make business loans.

     Ameritrans is a specialty finance company that through its subsidiary,  Elk
makes loans to taxi  owners,  to finance the  acquisition  and  operation of the
medallion taxi businesses and related assets,  and to other small  businesses in
the New York City, Chicago, Miami, and Boston markets.

     Basis of Consolidation

     The consolidated  financial  statements include the accounts of Ameritrans,
Elk and EAF Holding  Corporation  ("EAF"),  a wholly  owned  subsidiary  of Elk,
collectively  referred  to  as  the  "Company".  All  significant  inter-company
transactions have been eliminated in consolidation.

     EAF was formed in June 1992 and began  operations  in  December  1993.  The
purpose of EAF is to own and  operate  certain  real estate  assets  acquired in
satisfaction of loans by Elk.

     Ameritrans  organized  another  subsidiary  on June 8,  1998,  Elk  Capital
Corporation ("Elk Capital"),  which may engage in similar lending and investment
activities. Since inception, Elk Capital had no operations and activities.


                                      -6-
<PAGE>


     Income Taxes

     The Company has elected to be taxed as a Regulated Investment Company under
the Internal Revenue Code. A Regulated  Investment Company will generally not be
taxed at the  corporate  level to the extent its  income is  distributed  to its
stockholders.  In  order  to be taxed as a  Regulated  Investment  Company,  the
Company  must pay at least 90  percent  of its net  investment  company  taxable
income to its stockholders as well as meet other requirements under the Code. In
order to preserve this election for fiscal 2002, the Company intends to make the
required  distributions  to its  stockholders  in accordance with applicable tax
rules.

     Net Income per Share

     During the year ended June 30, 1999,  the Company  adopted the provision of
Statements of Financial Accounting Standards No. 128 "Earnings per Share" ("SFAS
No.  128").  SFAS No. 128  eliminates  the  presentation  of  primary  and fully
dilutive  earnings  per share  ("EPS") and  requires  presentation  of basic and
diluted EPS. Basic EPS is computed by dividing income (loss) available to common
stockholders by the weighted-average number of common shares outstanding for the
period. Diluted EPS is based on the weighted-average  number of shares of common
stock and common stock equivalents  outstanding.  At September 30, 2001 and June
30, 2001 the Company has 133,336 options outstanding.

     Loans Valuations

     The  Company's  loans are recorded at fair value.  Loans are valued at cost
less unrealized depreciation.  Since no ready market exists for these loans, the
fair value is determined in good faith by the Board of Directors. In determining
the fair value, the Company and Board of Directors  consider factors such as the
financial condition of the borrower, the adequacy of the collateral,  individual
credit risks,  historical loss experience and the relationships  between current
and projected market rates and portfolio rates of interest and maturities.

     Use of Estimates in the Financial Statements

     The  preparation  of financial  statements  in  conformity  with  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that affect the reported  amounts of assets and  liabilities at the
date of the  financial  statements  and the  reported  amounts of  revenues  and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.  Estimates that are particularly  susceptible to change relate to the
determination of the fair value of financial instruments.

New Accounting Pronouncements

     The Financial  Accounting Standards Board ("FASB") has issued Statement No.
144,  "Accounting for the Impairment or Disposal of Long-Lived Assets" in August
2001.  Statement No. 144 changes the accounting for long-lived assets to be held
and used by  eliminating  the  requirement  to allocate  goodwill to  long-lived
assets to be tested for  impairment,  by providing a  probability  weighted cash
flow estimation approach to deal with situations in which alternative courses of
action to recover  the  carrying  amount of  possible  future  cash flows and by
establishing a  "primary-asset"  approach to determine the cash flow  estimation
period  for a group  of  assets  and  liabilities  that  represents  the unit of
accounting for long-lived assets to be held and used.  Statement No. 144 changes
the  accounting  for  long-lived  assets to be disposed of other than by sale by
requiring  that the  depreciable  life of a long-lived  asset to be abandoned be
revised to reflect a shortened  useful life and by requiring  that an impairment
loss to be recognized at the date a long-lived  asset is exchanged for a similar
productive  asset or distributed to owners in spin-off if the carrying amount of
the asset exceeds its fair value.  Statement No. 144 changes the  accounting for
long-lived  assets to be  disposed  of by sale by  requiring  that  discontinued
operations no longer be recognized on a net  realizable  value basis (but at the
lower of carrying  amount or fair value less costs to sell),  by eliminating the
recognition of future  operating losses of discontinued  components  before they
occur and by  broadening  the  presentation  of  discontinued  operations in the
income  statement to include a component of an entity rather than a segment of a
business.  A component of an entity comprises operations and cash flows that can
be clearly distinguished,  operationally,  and for financial reporting purposes,
from the rest of the entity.  The  effective  date for  Statement No. 144 is for
fiscal years beginning after December 15, 2001.

     The Company  expects that the adoption of the new statement will not have a
significant impact on its financial  statements.  It is not possible to quantify
the impact until the newly issued statement has been studied.


                                      -7-
<PAGE>


NOTE 2 -- Debentures Payable to SBA

     At  September  30,  2001 and June 30,  2001  debentures  payable to the SBA
consist of  subordinated  debentures  with  interest  payable  semiannually,  as
follows:

                                                 Current
                                               Effective             Principal
     Issue Date             Due Date          Interest Rate           Amount
     ----------             --------          -------------           ------
September 1993            September 2003          6.12(1)           $1,500,000
September 1993            September 2003          6.12               2,220,000
September 1994            September 2004          8.20               2,690,000
December 1995             December 2005           6.54               1,020,000
June 1996                 June 2006               7.71               1,020,000
March 1997                March 2007              7.38(2)              430,000
                                                                    ----------

                                                                    $8,880,000
                                                                    ==========

----------
(1)  Interest rate was 3.12% from inception through September 1998

(2)  The Company is also required to pay an additional  annual user fee of 1% on
     this debenture


     Under  the  terms  of the  subordinated  debentures,  the  Company  may not
repurchase or retire any of its capital stock or make any  distributions  to its
stockholders  other than  dividends  out of retained  earnings  (as  computed in
accordance with SBA regulations) without the prior written approval of the SBA.

NOTE 3 -- Notes Payable to Banks

     At  September  30, 2001 and June 30,  2001 the Company had loan  agreements
with three (3) banks for lines of credit aggregating  $40,000,000.  At September
30,  2001 and  June 30,  2001,  the  Company  had  $35,000,000  and  $35,550,000
respectively,  outstanding  under these lines.  The loans,  which mature through
November 30, 2001,  bear interest based on the Company's  choice of the lower of
either the reserve adjusted LIBOR rate plus 150 basis points or the banks' prime
rates including certain fees which make the effective rates  approximately prime
minus 1 1/2% as of September 30, 2001.  Upon maturity,  the Company  anticipates
extending  the lines of credit for  another  year,  as has been the  practice in
previous years.  Pursuant to the terms of the agreements the Company is required
to comply with certain terms, covenants and conditions.  The Company pledged its
loans receivable and other assets as collateral for the above lines of credit.


                                      -8-
<PAGE>

NOTE 4 -- Commitments and Contingencies

Interest Rate Swap

     On January 10, 2000,  the Company  entered into a $5,000,000  interest rate
Swap  transaction with a bank expiring on October 8, 2001. On June 11, 2001, the
Company entered into an additional  interest rate Swap transaction with the same
bank for  $10,000,000  expiring on June 11, 2002. On June 11, 2001,  the Company
entered into another  interest rate Swap  transaction for $15,000,000  with this
bank  expiring  June 11,  2003.  These Swap  transactions  were  entered into to
protect  the Company  from an upward  movement  in  interest  rates  relating to
outstanding bank debt (see Note 3 for terms and effective interest rates). These
Swap transactions call for a fixed rate of 4.95%, 4.35% and 4.95%, respectively,
(plus 150 basis points) for the Company and if the floating one month LIBOR rate
is below the fixed rate then the  Company is  obligated  to pay the bank for the
difference in rates.  When the one-month LIBOR rate is above the fixed rate then
the bank is  obligated  to pay the Company  for the  differences  in rates.  The
effective  fixed  costs on the debt that was  swapped,  including  the 150 basis
points, is 6.45%, 5.95% and 5.45% respectively.

Loan Commitments

     At September 30, 2001 and June 30, 2001 the Company had commitments to make
loans totaling approximately $1,123,886 and $547,000,  respectively, at interest
rates ranging from 8.25% to 18%.

Employment Agreements

     During November 2001, the Company entered into an employment agreement with
an  executive  effective  as of July 1, 2001,  whereby the  Company  would pay a
miminum  of  $240,000  plus a  discretionary  bonus and annual  increases.  This
employment  agreement  terminates  on July 1,  2006  but  will be  automatically
renewed  for an  additional  five (5) years  unless  either  the  Company or the
executive  gives notice of  non-renewal.  During November 2001, the Company also
entered  into a  consulting  agreement  with this  executive as of July 1, 2001,
whereby based on early termination of the employment agreement the Company would
pay a consulting  fee for the term of the  consulting  agreement of a minimum of
one-half of the executive's base salary in effect at the termination date of the
employment agreement.

     During November 2001, the Company  entered into employment  agreements with
three executives  effective as of October 1, 2001, whereby the Company would pay
a minimum aggregate of $202,000 per annum plus a discretionary  bonus and annual
increases. These employment agreements terminate on October 1, 2006, but will be
automatically renewed for an additional five (5) years unless either the Company
or the executives gives notice of non-renewal.

NOTE 5 -- Other Matters

Quarterly Dividend

     The Company's  Board of Directors  declared for the quarters ended June 30,
2001 and September 30, 2001 a total  dividend of $471,312 on October 11, 2001 to
stockholders of record on October 22, 2001, which was paid on October 30, 2001.


                                      -9-


<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

     The  information  contained in this section  should be used in  conjunction
with the consolidated Financial Statements and Notes therewith appearing in this
report Form 10-Q and the Company's Annual Report on Form 10-K for the year ended
June 30, 2001.

General

     The  Company is  licensed  by the Small  Business  Administration  (SBA) to
operate as a Small Business  Investment  Company (SBIC) under the Small Business
Investment  Act of 1958,  as  amended.  The Company  has also  registered  as an
investment company under the Investment Company Act of 1940.

     The Company  primarily  makes loans and  investments to persons who qualify
under SBA  regulation as socially or  economically  disadvantaged  and loans and
investments  to  entities  which  are at least 50%  owned by such  persons.  The
Company  also makes  loans and  investments  to persons  who  qualify  under SBA
regulation as  "non-disadvanged".  The Company's  primary lending activity is to
originate and service loans collateralized by New York City, Boston, Chicago and
Miami taxicab medallions.  The Company also makes loans and investments in other
diversified businesses.

Results of Operations For the Three Months Ended September 30, 2001 and 2000.

Total Investment Income

     The Company's  investment  income for the three months ended  September 30,
2001  decreased to  $1,525,331  from  $1,624,328  or (6.1%) as compared with the
three month period ended  September 30, 2000.  This decrease was mainly due to a
decrease in the loan portfolio.  The portfolio  decreased from $57,633,533 as of
September  30, 2000 to  $53,785,894  as of  September  30, 2001.  The  reduction
reflects  management's  conservative  approach over the last year as a result of
the slowdown of the U.S. economy.

Operating Expenses

     Interest  expense  for the three  month  period  ended  September  30, 2001
decreased  $310,810  ($651,689  vs.  $962,499)  over the  similar  period  ended
September 30, 2000.  This decrease was mainly due to decreased  bank  borrowings
for the period combined with lower interest rates for the period ended September
30, 2001.

     Other  operating  expenses for the three months  ended  September  30, 2001
increased $132,152 when compared with the three months ended September 30, 2000.

Balance Sheet and Reserves

     Total assets  decreased by $298,717 as of September 30, 2001, when compared
with  the  balance  sheet  as of  June  30,  2001.  This  decrease  was  due  to
management's  decision to level its  portfolio  in light of the  slowdown of the
U.S. economy. During the period the Company reduced its bank debt by $550,000.


                                      -10-
<PAGE>


PART II. OTHER INFORMATION

ITEM 6 -- Exhibits and Reports on Form 8-K

     (a)  Exhibits

     10.1 Employment  Agreement  by and between the Company and Gary C.  Granoff
          dated as of July 1, 2001.

     10.2 Consulting  Agreement  by and between the Company and Gary C.  Granoff
          dated as of July 1, 2001.

     10.3 Employment Agreement by and between the Company and Ellen Walker dated
          as of October 1, 2001.

     (b)  Reports on Form 8-K.

     There were no reports filed on Form 8-K for the period ending September 30,
     2001.


                                      -11-
<PAGE>


                         AMERITRANS CAPITAL CORPORATION

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                 AMERITRANS CAPITAL CORPORATION

Date: November 14, 2001            By:   /s/ Gary C. Granoff
                                         -------------------
                                         Gary C. Granoff
                                         Chief Financial Officer
                                         (Principal Financial Officer and
                                         Chief Accounting Officer)


                                      -12-