Ameritrans Unit Hasn't Repaid $20M Loan, US Alleges

Law360, New York (May 6, 2013, 5:01 PM EDT) -- The U.S. Small Business Administration asked a New York federal court Friday to place an Ameritrans Capital Corp. subsidiary into receivership after it purportedly failed to pay back a portion of the $20 million it owes the federal government as a small business investment company.

U.S. Attorney Preet Bharara, on behalf of the SBA, said in a complaint for receivership that Elk Associates Funding Corp. has failed to abide by an October agreement to pay back $7.9 million of the $20 million it received from the...
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