Item 2.04. Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On November 2, 2021, Rand Capital SBIC, Inc. (the "Company"), a wholly-owned subsidiary of Rand Capital Corporation, that is licensed to operate as a small business investment company ("SBIC") by the U.S. Small Business Administration (the "SBA"), repaid all of its outstanding SBA-guaranteed debentures plus interest accrued through March 1, 2022 in an aggregate amount of $11.2 million. Concurrent with the Company's repayment of the outstanding SBA-guaranteed debentures, the Company notified the SBA of its intention to surrender its license to operate as an SBIC under the Small Business Investment Act of 1958, as amended. Following the repayment of the SBA-guaranteed debentures and the SBA's acceptance of the Company's SBIC license surrender, the Company will cease operations as an SBIC, which also terminates the availability of the $3,000,000 of additional available SBA-guaranteed debentures.

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