Gov. Bill Ritter announced new lending initiatives Wednesday that provide $40 million in funding for Colorado's farmers, manufacturers and small businesses.

The Colorado Housing and Financing Authority will make $30 million available for manufacturers seeking loans of up to $10 million to fund real estate acquisitions, renovations and equipment purchases. CHFA is launching a mini-bond program that will provide loans ranging from $500,000 to $2 million to smaller manufacturers with 50 employees or fewer.

Funding will come from federal private activity bonds, passed through the Colorado Department of Local Affairs.

Additionally, the state treasurer's office will invest $10 million in CHFA's guaranteed purchase program, which supports long-term, fixed-rate loans for agricultural and small businesses.

"While Washington continues to fight over Wall Street, we here in Colorado are fighting for Main Street with yet another initiative to help businesses grow and create jobs," Ritter said. "Small businesses are the backbone of Colorado's diverse economy and the No. 1 driver of job creation."

Under the guaranteed purchase program, CHFA will buy Small Business Administration, Farm Service Agency and Rural Business Service guaranteed loans originated by community lenders.

"This program is about putting funds directly into the hands of Colorado's small businesses and farmers at a time when they need it most," said state Treasurer Cary Kennedy.

The Credit Union Association of Colorado criticized the initiatives Wednesday because credit unions are barred from participating. "We want to be an option and give small-business owners who use the governor's program all available financial resources," said John Dill, the association's president.

Andy Vuong: 303-954-1209, avuong@denverpost.com or twitter.com/andyvuong