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Rand gets commitment for $6 million in SBA funding

Rand Capital Corp. is getting another $6 million in federal funding that the Buffalo venture capital firm will be able to use to make investments in small businesses.

Rand said it has received a commitment for $6 million in additional U.S. Small Business Administration funding for its Small Business Investment Co. Rand's SBIC has received $18 million in SBA funding since it was established in 2002.

Rand has repaid $10 million of that funding, so adding the $6 million in new funding to the $8 million in existing funding will allow the venture capital firm to leverage a total of $14 million in SBA funds.

"Access to this additional capital allows us to further expand our portfolio," said Daniel P. Penberthy, Rand's executive vice president and chief financial officer.

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