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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000899797-01-000021.txt : 20010223
<SEC-HEADER>0000899797-01-000021.hdr.sgml : 20010223
ACCESSION NUMBER:		0000899797-01-000021
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010215

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAND CAPITAL CORP
		CENTRAL INDEX KEY:			0000081955
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				160961359
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-31369
		FILM NUMBER:		1547103

	BUSINESS ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
		BUSINESS PHONE:		7168530802

	MAIL ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEWMAN REGINALD B II
		CENTRAL INDEX KEY:			0001034049
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		700 GRAND ISLAND BLVD
		STREET 2:		PO BOX 86
		CITY:			TONAWANDA
		STATE:			NY
		ZIP:			14131

	MAIL ADDRESS:	
		STREET 1:		700 GRAND ISLAND BLVD
		STREET 2:		PO BOX 86
		CITY:			TONAWANDA
		STATE:			NY
		ZIP:			14131
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>0001.htm
<DESCRIPTION>SCHEDULE 13 G
<TEXT>

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<HEAD>
<TITLE>         Schedule 13 G
</TITLE>
<BODY>
<p align=center>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</p>

<p align=center>SCHEDULE 13G</p>

<p align=center>Under the Securities Exchange Act of 1934<BR>
(Amendment No. 3)*</p>

<p align=center><u>RAND CAPITAL CORPORATION</u><BR>
(Name of Issuer)</p>

<p align=center><u>Common Stock, par value $0.10 per share</u><BR>
(Title of Class of Securities)</p>

<p align=center><u>752185</u><BR>
(CUSIP Number)</p>

<p align=center><u>December 31, 2000</u><BR>
(Date of Event which Requires Filing<br>
of this Statement)</p>

<p>Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___&nbsp;&nbsp;&nbsp;Rule 13d-1(b)</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>X&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;Rule 13d-1(c)</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___&nbsp;&nbsp;&nbsp;Rule 13d-1(d)</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The  remainder  of this cover page shall be filed out for a reporting  person's  initial  filing on this
form with respect to the subject class of  securities,  and for any  subsequent  amendment  containing  information
which would alter disclosures provided in a prior cover page.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  information  required on the  remainder of this cover page shall not be deemed to be "filed" for the
purpose of Section 18 of the  Securities  Exchange Act of 1934 ("Act") or otherwise  subject to the  liabilities of
that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</p>

<p>CUSIP No.&nbsp;&nbsp;&nbsp;<u>752185</u></p>

<hr width=60% ALIGN=LEFT>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>1.&nbsp;&nbsp;&nbsp;Names of Reporting Persons.</b>&nbsp;&nbsp;&nbsp;Reginald B.  Newman II</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>IRS Identification Nos. of above persons (entities only).</b></p>
<hr width=60% ALIGN=LEFT>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>2.&nbsp;&nbsp;&nbsp;Check the appropriate box if a member of a Group (See Instructions).</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)...................................................</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)...................................................</p>
<hr width=60% ALIGN=LEFT>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>3.&nbsp;&nbsp;&nbsp;SEC Use Only</b>..........................................</p>

<hr width=60% ALIGN=LEFT>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>4.&nbsp;&nbsp;&nbsp;Citizenship or Place of Organization</b> - USA</p>

<hr width=60% ALIGN=LEFT>

<p><b>Number of Shares Beneficially Owned by Each Reporting Person With:</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>5.&nbsp;&nbsp;&nbsp;Sole Voting Power -- 843,179</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>6.&nbsp;&nbsp;&nbsp;Shared Voting Power -- -0-</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>7.&nbsp;&nbsp;&nbsp;Sole Dispositive Power -- 843,179</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>8.&nbsp;&nbsp;&nbsp;Shared Dispositive Power --  -0-</b></p>

<hr width=60% ALIGN=LEFT>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>9.&nbsp;&nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person -- 843,179</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>10.&nbsp;&nbsp;Check  if  the  Aggregate  Amount  in  Row  (11)  Excludes  Certain  Shares  (See   Instructions)</b></p>

<hr width=60% ALIGN=LEFT>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>11.&nbsp;&nbsp;Percent of Class Represented by Amount in Row (9) -- 14.7%</b></p>

<hr width=60% ALIGN=LEFT>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>12.&nbsp;&nbsp;Type of Reporting Person (See Instructions) -- Chairman</b></p>

<p><b>Item 1.</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Name of Issuer - Rand Capital Corporation</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Address of Issuer's Principal Executive Offices -<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 Rand Building, Buffalo, NY  14203</p>

<p><b>Item 2.</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;Name of Person Filing - Reginald B.  Newman, II</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;Address of Principal Business Office or, if none, Residence -<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 Sheridan Drive, Tonawanda, NY  14150</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;Citizenship/Place of Organization - USA</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;Title of Class of Securities - Common Stock, $.10 par value</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;CUSIP Number - 752185</p>

<p><b>Item 3.&nbsp;&nbsp;&nbsp;If this  statement is filed  pursuant to sections 240.13d-1(b)  or sections 240.13d-2(b)  or (c),  check whether the
person filing is a:</b></p>

<TABLE WIDTH=100% CELLSPACING=10>
<TR><td></td><TD VALIGN=TOP>(a)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).</TD></TR>
<TR><td></td><TD VALIGN=TOP>(b)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).</TD></TR>
<TR><td></td><TD VALIGN=TOP>(c)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).</TD></TR>
<TR><td></td><TD VALIGN=TOP>(d)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>Investment  company  registered  under section 8 of the  Investment  Company Act of 1940 (15 U.S.C. 80a-8).</TD></TR>
<TR><td></td><TD VALIGN=TOP>(e)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>An investment advisor in accordance with section 240.13d-1(b)(1)(ii)(E);</TD></TR>
<TR><td></td><TD VALIGN=TOP>(f)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(1)(ii)(F);</TD></TR>
<TR><td></td><TD VALIGN=TOP>(g)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>A parent holding company or control person in accordance with section 240.13d-1(b)(1)(ii)(G);</TD></TR>
<TR><td></td><TD VALIGN=TOP>(h)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>A savings  association as defined in Section 3(b) of the Federal  Deposit  Insurance Act (12 U.S.C. 1813);</TD></TR>
<TR><td></td><TD VALIGN=TOP>(i)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>A church  plan that is excluded  from the  definition  of an  investment  company  under section 3(c)(14) of the Investment  Company Act of 1940 (15 U.S.C. 80a-3);
</TD></TR>
<TR><td></td><TD VALIGN=TOP>(j)</TD><TD VALIGN=TOP>[&nbsp;&nbsp;&nbsp;]</TD><TD VALIGN=TOP>Group, in accordance with section 240.13d-1(b)(1)(ii)(J).</TD></TR>
</TABLE>

<p><b>Item 4.&nbsp;&nbsp;&nbsp;Ownership.</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide  the  following  information  regarding  the  aggregate  number  and  percentage  of the  class of
securities of the issuer identified in Item 1.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Amount beneficially owned: <u>843,179</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Percent of class: <u>14.7%</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Number of shares as to which the person has:</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;Sole power to vote or to direct the vote <u>843,179</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;Shared power to vote or to direct the vote <u>-0-</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Sole power to dispose or to direct the disposition of <u>843,179</u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;Shared power to dispose or to direct the disposition of <u>-0-</u></p>

<p><i>Instruction.</i>  For computations  regarding  securities which represent a right to acquire an underlying security <i>see</i>
section 240.13d-3(d)(1).</p>

<p><b>Item 5.&nbsp;&nbsp;&nbsp;Ownership of Five Percent of Less of a Class</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this  statement is being filed to report the fact that as of the date hereof the  reporting  person has
ceased to be the beneficial owner of more than five percent of the class of securities, check the following [&nbsp;&nbsp;].</p>

<p><i>Instruction.</i>&nbsp;&nbsp;&nbsp;Dissolution of a group requires a response to this item.</p>

<p><b>Item 6.&nbsp;&nbsp;&nbsp;Ownership of More than Five Percent on Behalf of Another Person.</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any  other  person  is known to have the  right to  receive  or the  power to  direct  the  receipt  of
dividends  from, or the proceeds from the sale of, such  securities,  a statement to that effect should be included
in response to this item and, if such interest  relates to more than five percent of the class,  such person should
be identified.  A listing of the  shareholders of an investment  company  registered  under the Investment  Company
Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.</p>

<p><b>Item 7.&nbsp;&nbsp;&nbsp;Identification  and  Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent Holding Company</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a parent holding company has filed this schedule,  pursuant to Rule 13d-1(b)(ii)(G),  so indicate under
Item 3(g) and attach an exhibit  stating the identity  and the Item 3  classification  of the relevant  subsidiary.
If a parent holding company has filed this schedule  pursuant to Rule 13d-1(c) or Rule 13d-1(d),  attach an exhibit
stating the identification of the relevant subsidiary.</p>

<p><b>Item 8.&nbsp;&nbsp;&nbsp;Identification and Classification of Members of the Group</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a group has filed this  schedule  pursuant toss. 240.13d-1(b)(ii)(J),  so indicate  under Item 3(j) and
attach an exhibit  stating the  identity  and Item 3  classification  of each  member of the group.  If a group has
filed this schedule pursuant toss. 240.13d-1(c)  orss. 240.13d-1(d),  attach an exhibit stating the identity of each
member of the group.</p>

<p><b>Item 9.&nbsp;&nbsp;&nbsp;Notice of Dissolution of Group</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of dissolution of a group may be furnished as an exhibit  stating the date of the  dissolution  and
that all further filings with respect to transactions  in the security  reported on will be filed, if required,  by
members of the group, in their individual capacity.  See Item 5.</p>

<p><b>Item 10.&nbsp;&nbsp;&nbsp;Certification</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The following certification shall be included if the statement is filed pursuant toss. 240.13d-1(b):</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The following certification shall be included if the statement is filed pursuant toss. 240.13d-1(c):</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing below I certify that, to the best of my knowledge and belief,
the  securities  referred  to above were not  acquired  and are not held for the
purpose of or with the effect of  changing  or  influencing  the  control of the
issuer of the  securities  and were not acquired and are not held in  connection
with or as a participant in any transaction having that purpose or effect.</p>


<p align=center><b>SIGNATURE</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After  reasonable  inquiry and to the best of my knowledge and belief,  I certify that the information set
forth in this statement is true, complete and correct.</p>

<table width=40% align=center>
<tr><td><u>February 2, 2001</u><br>Date</td></tr>
<tr><td></td></tr>
<tr><td></td></tr>
<tr><td></td></tr>
<tr><td></td></tr>
<tr><td><u>/S/ Reginald B.  Newman</u><br>Name: Reginald B.  Newman<br>Title:</td></tr>
</TABLE>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  original  statement  shall be signed by each  person on whose  behalf the  statement  is filed or his
authorized  representative.  If the  statement  is signed on  behalf of a person by his  authorized  representative
other than an  executive  officer  or  general  partner of the  filing  person,  evidence  of the  representative's
authority to sign on behalf of such person shall be filed with the statement,  provided,  however,  that a power of
attorney for this purpose  which is already on file with the  Commission  may be  incorporated  by  reference.  The
name and any title of each person who signs the statement shall be typed or printed beneath his signature.</p>

<p><i>NOTE:</i>&nbsp;&nbsp;&nbsp;Schedules filed in paper format shall include a signed  original and five copies of the schedule,  including
all exhibits.  <i>See</i> section 240.13d-7 for other parties for whom copies are to be sent.</p>

<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  Intentional  misstatements or omissions of fact constitute Federal criminal  violations.  (See
18 U.S.C. 1001)</b></p>

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