Ameritrans Capital Corporation Subsidiary Receives Commitment for SBA Guaranteed Debentures.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Ameritrans Capital Corporation (Nasdaq: AMTC AMTC Applied Media Technologies Corporation AMTC Aerospace Manufacturing Technology Centre (Canada) AMTC American Modeling and Talent Convention AMTC Army Missile Test Center (White Sands Missile Range, NM) , AMTCP) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Elk Associates Funding Corporation, a licensed Small Business Investment Company, received written approval from the Small Business Administration that it had been granted a commitment for $9,175,000 in Small Business Administration long term guaranteed debentures. According to Ameritrans CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President Michael Feinsod, "Our ability to successfully access this source of capital is a strong advantage in current markets and an affirmation of SBA's confidence in our business model, skills and ability to fund small and middle-market businesses. This commitment will allow the Company to expand its investment portfolio more than 33% in terms of our assets. We look forward to this opportunity for growth." Mr. Feinsod added, "These debentures have a ten year term and a fixed interest rate to be set at the time of pooling. These debentures are in addition to the existing $12 million of debentures that Elk Associates Funding Corporation currently has outstanding. Based upon current SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government guidelines, Elk may in the future, and under certain conditions, apply for approximately $10.5 million in additional SBA guaranteed debentures. With currently low interest rates in the US Treasury market, any new ten year debentures sold to the SBA will represent an attractive source of long-term financing Long-term financing Liabilities repayable in more than one year plus equity. ." ABOUT AMERITRANS CAPITAL CORPORATION Ameritrans Capital Corporation is an internally managed, closed-end investment company closed-end investment company: see mutual fund. that has elected to be regulated as a business development company ("BDC (Backup Domain Controller) In a Windows NT server, a copy of the Primary Domain Controller (PDC). The BDC is periodically synchronized with the PDC. See PDC. BDC - Backup Domain Controller ") under the Investment Company Act of 1940, as amended. Ameritrans originates structures and manages a portfolio of secured business loans and selected equity investments. Ameritrans' wholly owned subsidiary Elk Associates Funding Corporation is licensed by the United States Small Business Administration as a Small Business Investment Company (SBIC SBIC Small Business Investment Company SBIC Sustainable Buildings Industry Council SBIC Singapore Bioimaging Consortium (Singapore) SBIC School Bus Information Council SBIC Saudi Basic Industries Corporation SBIC Scsi Bus Interface Controller ). The Company maintains its offices at 747 Third Avenue, 4th Floor, New York, NY 10017. FORWARD-LOOKING STATEMENTS Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and condition may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Ameritrans Capital Corporation undertakes no duty to update any forward-looking statements made herein. AVAILABLE INFORMATION Ameritrans Capital Corporation's filings with the Securities and Exchange Commission, press releases, earnings releases and other financial information are available on its website at www.ameritranscapital.com. |
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