47 Year History of Building Businesses
To this day, we continue to fulfill our founders', George Rand and Don Ross, original mission of investing in and assisting entrepreneurs.
Rand Capital Corporation was founded in 1969 by George Rand and Don Ross, with the mission to invest in and assist entrepreneurs.
A founding member of Nasdaq, the Company went public through an Initial Public Offering in 1971.
Don Ross continued to lead the company until 1996, when Allen "Pete" Grum was named President. Mr. Grum subsequently recruited Daniel P. Penberthy as Executive Vice President. Rand raised $2.2 million of equity capital in 1997.
In 2001, the Company elected to become a Business Development Company (BDC) and Margaret Brechtel joined as Vice President of Finance.
We established our first Small Business Investment Company (SBIC) in 2002, raising $10 million of debt capital from the U.S. Small Business Administration (SBA).
In 2009, we raised an additional $3.7 million of equity capital and in 2011 we raised an additional $8 million of debt capital from the SBA.
In 2016, we had our largest exit in Rand's history, realizing gross proceeds of approximately $15.2 million from the sale of Gemcor.
In 2017, we began working with the SBA to secure additional capital for further investing.
At the end of 2018, we were awarded a $6 million commitment for additional capital, available to draw through September 2023.
In January 2019, we announced the planned strategic investment of $25 million by East Asset Management (“East”) and establishment of an external management structure, in exchange for approximately 8.3 million shares of Rand common stock valued at $3.00 per share. Our shareholders approved these transactions at a special meeting of shareholders in May 2019.