Rand Capital Corporation (Rand) is engaged in making venture capital investments in small to medium sized companies that are engaged in the exploitation of products or services, typically in New York and its surrounding states. The Company invests in a mixture of debt and equity instruments. The debt securities typically have an equity component in the form of stock, warrants, and options to acquire stock or the right to convert the debt securities into stock. The Company provides managerial assistance, in the form of a board of director�s seat, to the portfolio companies, in which it invests. The Company operates as an internally managed investment company. Rand Capital SBIC, Inc. (Rand SBIC), is the wholly owned subsidiary of the Company..