Rand Capital Corp. (RAND) has released an update.
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The Small Business Credit Availability Act, part of the Consolidated Appropriations Act of 2018, amended the Investment Company Act of 1940 allowing business development companies to lower their asset coverage ratio from 200% to 150%, with certain conditions. Rand Capital Corporation’s board of directors approved this change for the company, with the new asset coverage requirement for senior securities to take effect on January 24, 2025.
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