Elk Associates Funding Corp – ‘N-30D’ for 6/30/96 – EX-20

As of:  Friday, 9/6/96   ·   For:  6/30/96   ·   Accession #:  723108-96-11   ·   File #:  811-03786

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                17±    71K 
                          Shareholders                                           
 2: EX-20       Other Document or Statement to Security Holders        1      8K 
 3: EX-99       Miscellaneous Exhibit                                  3±    19K 

EX-20   —   Other Document or Statement to Security Holders

           September 4, 1996

Dear Stockholders:                                                              

We are pleased to enclose with this letter  a copy of our             
annual audited financial statements for the fiscal year ended                   
June 30, 1996, together with a Press Release dated September 4,                 
1996 that was released today.  The Press Release summarizes some                
of the highlights set forth in the enclosed financial statements                
and further discusses some important recent developments.                       

The Board of Directors and Management believe that during             
the fiscal year ended June 30, 1996, the company has continued to               
make substantial progress toward our goals.  We have continued to               
expand our loan and investment portfolio by diversifying the                    
locations in which we are doing business.  We have expanded our                 
taxi finance operations into Chicago and Boston, and we are about               
to make our first taxi loans in Miami, Florida.  We have also                   
continued our policy of increasing our diversified business loan                
and investment portfolio by being selective in the decision                     
making process as to which investments are appropriate for our                  
portfolio.  During the fiscal year ended June 30, 1996, we also                 
made certain equity investments into small concerns that own and                
operate Chicago taxi medallions, as well as into a substantial                  
dry-cleaning operation in Miami, Florida.  We also intend to                    
continue to try and make investments for a portion of our                       
diversified portfolio that will combine loans with equity                       
features, such as the purchase of warrants or stock, in those                   
businesses that have above average prospects for future growth.                 

As the enclosed Press Release indicates, by September 25,             
1996, the Company will have paid out $1,254,719 of cash dividends               
between September 1995 and September 1996, representing the                     
balance of undistributed earnings at June 30, 1995 of $345,953,                 
and the earnings from fiscal year ended June 30, 1996 of                        
$908,261.  In addition, during the fiscal year ended  June 30,                  
1996 the Company's private stockholder net worth was also                       
increased by a total of $1,165,993  as a result of the                          
amortization of the Restricted Capital account arising out of the               
Preferred Stock repurchase transaction with SBA that was                        
completed during September, 1995.                                               

We are pleased to be able to report the above results.                

Sincerely yours,            

Gary C. Granoff, President  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-30D’ Filing		Date		Other Filings
		9/25/96
Filed on:		9/6/96
		9/4/96		NSAR-B
For Period End:		6/30/96		NSAR-B,  NTFNSAR
		6/30/95
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