Ameritrans Closes Offering; Units Priced at $19 Each.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 25, 2002

Ameritrans Capital Corporation (NASDAQ:AMTC) today announced that it has closed its public offering of 300,000 units. The offering was underwritten and managed by Noble International Investments, Inc., a division of Noble Financial Group, Inc. and the Stanford Group Company. The units are trading under the symbol AMTCU on the Nasdaq Small-Cap Market.

The company sold 300,000 units, each unit consisting of one share of AMTC common stock, one share of 9 3/8% cumulative participating redeemable Preferred Stock, face value $12.00, and one redeemable Warrant exercisable into one share of AMTC Common Stock. Each Warrant entitles the holder to purchase one share of AMTC Common Stock at an exercise price of $6.70, subject to adjustment, until 2007. The Warrants may be redeemed by the company under certain conditions.

Gary Granoff, Ameritrans president said, "We are pleased to have completed this unit offering. This new layer of capital should enable Ameritrans to increase our lines of credit and expand our loan portfolio."

The company has updated its websites. The sites can be found at www.ameritranscapital.com and www.elkassociates.com. The revised sites are presently operational and are a good source of information on the company, the management team and the board of directors.

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.

Noble International Investments, Inc., a subsidiary of the Noble Financial Group, was founded in 1984 as a full service financial services firm. Headquartered in South Florida, Noble has an affiliate office in The Netherlands. Noble specializes in equities, corporate finance, M&A advisory, investment banking and through its subsidiary Noble Capital Management, Inc., a SEC registered investment advisor, money management. For additional information please see www.noblefinancialgroup.com.

Stanford Group Company (member NASD/SIPC),a member of the Stanford Financial Group, an international network of affiliated companies, is a full-service financial planning and investment management firm meeting the needs of private investors, corporations, governments and institutions worldwide. Headquartered in Houston, Texas, the Stanford organization maintains in excess of $14 billion in deposits and assets under management or advisement.

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.