<SEC-DOCUMENT>0001493152-19-017770.txt : 20191115
<SEC-HEADER>0001493152-19-017770.hdr.sgml : 20191115
<ACCEPTANCE-DATETIME>20191115170011
ACCESSION NUMBER:		0001493152-19-017770
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191108
FILED AS OF DATE:		20191115
DATE AS OF CHANGE:		20191115

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gusky Adam Samuel
		CENTRAL INDEX KEY:			0001792912

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00235
		FILM NUMBER:		191225201

	MAIL ADDRESS:	
		STREET 1:		RAND CAPITAL CORPORATION
		STREET 2:		14 LAFAYETTE SQUARE, SUITE 2200
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203

ISSUER:		

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

	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>
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<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2019-11-08</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000081955</issuerCik>
        <issuerName>RAND CAPITAL CORP</issuerName>
        <issuerTradingSymbol>RAND</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001792912</rptOwnerCik>
            <rptOwnerName>Gusky Adam Samuel</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2200 RAND BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUFFALO,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>14203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Daniel P. Penberthy, Attorney-in-Fact</signatureName>
        <signatureDate>2019-11-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24.htm
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">POWER
OF ATTORNEY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Know
all by these presents, that the undersigned hereby makes, constitutes and appoints each of Daniel P. Penberthy and Allen F. Grum,
or either of them acting singly, and with full power of substitution and re-substitution, the undersigned&rsquo;s true and lawful
attorney-in-fact (each of such persons and their substitutes being referred to herein as the &ldquo;Attorney-in-Fact&rdquo;),
with full power to act for the undersigned and in the undersigned&rsquo;s name, place and stead, in any and all capacities, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
prepare, execute in the undersigned&rsquo;s name and on the undersigned&rsquo;s behalf, and submit to the U.S. Securities and
Exchange Commission (the &ldquo;SEC&rdquo;) a Form ID, including amendments thereto, and any other documents necessary or appropriate
to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by Section
16(a) of the Securities Exchange Act of 1934 or any rule or regulation of the SEC;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
execute for and on behalf of the undersigned, in the undersigned&rsquo;s capacity as an officer and/or director of Rand Capital
Corporation (the &ldquo;Company&rdquo;), Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of
1934 and the rules thereunder, and any other forms or reports the undersigned may be required to file in connection with the undersigned&rsquo;s
ownership, acquisition, or disposition of securities of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute
any such Form 3, 4, or 5, or other form or report, and timely file such form or report with the SEC and any stock exchange or
similar authority; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact,
may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents
executed by such Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such Attorney-in-Fact may approve in such Attorney-in-Fact&rsquo;s discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby grants to each such Attorney-in-Fact full power and authority to do and perform any and every act and thing
whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully
to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such Attorney-in-Fact, or such Attorney-in-Fact&rsquo;s substitute or substitutes, shall
lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing Attorneys-in-Fact, in serving in such capacity at the request of the undersigned, are not assuming,
nor is the Company assuming, any of the undersigned&rsquo;s responsibilities to comply with Section 16 of the Securities Exchange
Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5
with respect to the undersigned&rsquo;s holdings of and transactions in securities issued by the Company, unless earlier revoked
by the undersigned in a signed writing delivered to the foregoing Attorneys-in-Fact.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of November 13, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Adam Gusky</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adam
    Gusky</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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