-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000899797-09-000028.txt : 20090812
<SEC-HEADER>0000899797-09-000028.hdr.sgml : 20090812
<ACCEPTANCE-DATETIME>20090812154121
ACCESSION NUMBER:		0000899797-09-000028
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Securities Act Section 4(6)
FILED AS OF DATE:		20090812
DATE AS OF CHANGE:		20090812
EFFECTIVENESS DATE:		20090812

FILER:

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

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-08195-5N
		FILM NUMBER:		091006742

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0502</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000081955</cik>
        <entityName>RAND CAPITAL CORP</entityName>
        <issuerAddress>
            <street1>2200 RAND BUILDING</street1>
            <street2></street2>
            <city>BUFFALO</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>14203</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>7168530802</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>NEW YORK</jurisdictionOfInc>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Allen</firstName>
                <middleName>F</middleName>
                <lastName>Grum</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Daniel</firstName>
                <middleName>P</middleName>
                <lastName>Penberthy</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Erland</firstName>
                <middleName>E</middleName>
                <lastName>Kailbourne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ross</firstName>
                <middleName>B</middleName>
                <lastName>Kenzie</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Willis</firstName>
                <middleName>S</middleName>
                <lastName>McLeese</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14202</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Reginald</firstName>
                <middleName>B</middleName>
                <lastName>Newman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>50 North Airport Drive</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14225</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jayne</firstName>
                <middleName>K</middleName>
                <lastName>Rand</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>M</middleName>
                <lastName>Zak</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2200 Rand Building</street1>
                <street2></street2>
                <city>Buffalo</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>14203</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>$25,000,001 - $50,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>46</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-07-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>3762000</totalOfferingAmount>
            <totalAmountSold>1225721</totalAmountSold>
            <totalRemaining>2536279</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>27</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>RAND CAPITAL CORP</issuerName>
                <signatureName>/s/Allen F. Grum</signatureName>
                <nameOfSigner>Allen F. Grum</nameOfSigner>
                <signatureTitle>President &amp; CEO</signatureTitle>
                <signatureDate>2009-08-12</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
