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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 HcsjwCOkhleg3xKB+PSwvB95K5f6QsBqMOUQkwe51P+pqgzf5SpnRpTN3jEBQ2FP
 Ja/31+ojp3ViSMleFQ36Ww==

<SEC-DOCUMENT>0001209191-04-003031.txt : 20040115
<SEC-HEADER>0001209191-04-003031.hdr.sgml : 20040115
<ACCEPTANCE-DATETIME>20040115100655
ACCESSION NUMBER:		0001209191-04-003031
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040114
FILED AS OF DATE:		20040115

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRUM ALLEN F
		CENTRAL INDEX KEY:			0001057072

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-01825
		FILM NUMBER:		04526308

	BUSINESS ADDRESS:	
		STREET 1:		C/O RAND CAPITAL CORP
		STREET 2:		2200 RAND BLDG
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
		BUSINESS PHONE:		7168530802

	MAIL ADDRESS:	
		STREET 1:		C/O RAND CAPITAL CORP
		STREET 2:		2200 RAND BLDG
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl05110_bcl1afg.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2004-01-14</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000081955</issuerCik><issuerName>RAND CAPITAL CORP</issuerName>        <issuerTradingSymbol>RAND</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001057072</rptOwnerCik><rptOwnerName>GRUM ALLEN F</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>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>President</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonD
erivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2004-01-14</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>P</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2500</value></transactionShares><transactionPricePerShare><value>1.40</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>26900</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><ownerSignature><signatureName>/s/ Daniel P. Penberthy</signatureName><signatureDate>2004-01-15</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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