EX-21.1

EXHIBIT 21.1

Subsidiaries of Rand Capital Corporation


Subsidiary		Jurisdiction Of Corporation
Rand BMP Swanson Hold Co., LLC		New York
Rand Capital Sub LLC		New York
Rand Carolina Skiff Holdings Corp.		New York
Rand DSD Holdings Corp.		New York
Rand Filterworks Holdings Corp.		New York
Rand FSS Holdings Corp.		New York
Rand ITA Holdings Corp.		New York
Rand Somerset Holdings Corp.		New York