The value of Rand Capital Corp.’s investments slipped by less than 1 percent in the fourth quarter, partly because of a write-down in the value of an Amherst beverage dispensing equipment firm.

The value of Rand’s portfolio dipped to $24.6 million, or $3.40 per share, at the end of December, from $25.3 million, or $3.42 per share, at the end of September.

But Pete Grum, Rand’s president, said Monday that he thinks the Buffalo venture capital company, with $10 million in cash to invest, is in a good position to stock its portfolio with stakes in new companies at attractive prices because banks remain reluctant to make riskier loans.

“It’s a good time to have money,” Grum said Monday. “I think this, historically, will be a good time to put money out.”

Rand made nearly $1.5 million in new investments during the fourth quarter, putting money into four new companies and additional funds into another that already was in the venture capital firm’s portfolio.

“We had a lot going on. We still have a lot going on,” Grum said.

Rand made one new investment, pumping $250,000 into Rheonix Inc., an Ithaca company that makes microfluidic testing devices used to test small volumes of chemicals and biological fluids.

The company is a spin-off of Kionix Inc., an Ithaca company that was acquired by Rohm Co. Ltd. Rand owned a stake in Kionix, and the acquisition resulted in a $4.3 million gain on Rand’s original $1.5 million investment.

Rand also received $300,000 when another one of its investments, Ramsco Inc., repaid its notes and warrants.

Rand executives immediately reinvested some of that money. They made an additional $150,000 investment in Microcision LLC, a Philadelphia company that makes customer medical and dental implants, and put an extra $500,000 in Carolina Skiff LLC, a Georgia boat maker. Rand also invested $750,000 in SOMS Technologies, a Valhalla company that makes extended-performance oil filters, and $500,000 in Gemcor II, a West Seneca company that makes automatic riveting machines.

At the same time, Rand reduced the value of its stake in Niagara Dispensing Technologies, an Amherst company that makes high-speed beverage pouring equipment. Grum said the $189,000 write-down reflects the shutdown of Niagara Dispensing’s British distributor. Rand also reduced the value of its stake in Grid App Systems, a New York City company that provides automation solutions, by $199,000.