Hawai'i's participation in the Cash for Clunkers program was among the lowest in the country, according to a state-by-state analysis of rebates per licensed driver.

Hawai'i's share of the popular program amounted to $8.45 per licensed driver, ranking it third from the bottom. The Aloha State finished ahead of only Mississippi and Wyoming, which recorded rebates of $6.46 and $6.43 per licensed driver, respectively, according to the analysis by USA Today.

Minnesota's participation was highest, recording $23.70 in rebates per licensed driver.

The study noted that the Cash for Clunkers program appeared to have been a bigger boon for blue states than red. Eight of the top 10 states taking advantage of the rebate program voted for Barack Obama in 2008, while seven of the bottom 10 states backed Republican John McCain.

CENTRAL PACIFIC TO OFFER COMMON STOCK

Central Pacific Financial Corp. said it has launched an equity issuance plan and may, from time to time, offer and sell up to $15 million of its common stock.

CPF said it intends to use the proceeds from sales under the offering primarily to contribute equity capital to its Central Pacific Bank subsidiary. It said it also may use some of the proceeds for working capital and other general corporate purposes.

Sandler O'Neill & Partners L.P. and RBC Capital Markets Corp. will act as the company's sales agents for the offering.

STUDENTS OFFERED BUSINESS-VENTURE LOANS

The University of Hawai'i, with a grant from Hoku Scientific Inc., is establishing a fund that will make loans to students seeking to launch their own business ventures.

The $130,000 Microloan Fund will be administered by the Pacific Asian Center for Entrepreneurship at the UH's Shidler College of Business.

"These loans will provide students — Hawai'i's future entrepreneurs — with resources to launch their own business ventures, as well as provide them with valuable mentoring and professional development opportunities," said Dustin Shindo, president and chief executive officer of Hoku.

Hoku Scientific donated warrants for Hoku shares in 2005 that were sold by UH Foundation for more than $130,000 after the company's initial price offering. The proceeds were used to establish the Microloan Fund, which will provide as much as $20,000 per semester for loans ranging from $500 to $5,000.