UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934.

Date of Report: April 29, 2004
(Date of earliest event reported)

Rand Capital Corporation
(Exact name of registrant as specified in its charter) NY
(State or other jurisdiction of incorporation)   811-1825
(Commission File Number)   16-0961359
(IRS Employer Indentification Number)   2200 Rand Building, Buffalo, NY
(Address of principal executive offices) 14203
(Zip Code)  
Registrant's telephone number, including area code: 716-853-0802


Item 7. Financial Statements and Exhibits
(c) Exhibits

Quarterly earnings

99.1       Press Release of Rand Capital Corporation dated April 29, 2004


SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 29, 2004
RAND CAPITAL CORPORATION

By:  /s/ Daniel P Penberthy                    
     Daniel P Penberthy
     Executive VP & CFO