Rand Capital Corporation

Rand Capital Corporation is an externally-managed Business Development Company (BDC) headquartered in Buffalo, New York. Founded in 1969, its core mission is to maximize total return to shareholders through current income and capital appreciation by providing debt and related equity investments to privately-held, lower middle market companies.

The company specializes in offering venture capital and debt financing across a diverse range of industries, including healthcare, consumer products, manufacturing, software, and professional services. Rand Capital primarily targets businesses with sustainable, differentiated, and market-proven products, typically requiring revenues exceeding $10 million and EBITDA greater than $1.5 million. Its investment focus is largely within the Western New York and Upstate New York regions, extending to surrounding states and areas within a three to five-hour drive.

Daniel P. Penberthy serves as the President and CEO, having been appointed in December 2021, with Margaret W. Brechtel as the Executive Vice President, Treasurer, Chief Financial Officer, and Secretary. Robert M. Zak chairs the Board of Directors. In recent news, Rand Capital reported its first-quarter fiscal year 2026 results on May 6, 2026, and declared a $0.29 per share cash dividend for the second quarter of 2026. The company remains strategically focused on expanding its investments in lower middle-market companies to drive income growth and enhance shareholder value.