Financial services firm Goldman Sachs announced the launch of a $500 million initiative Tuesday co-chaired by Berkshire Hathaway chief executive Warren Buffet that will aim to provide 10,000 small businesses with improved access to business education, networks, mentors and financial capital.

Included in the 10,000 Small Businesses initiative will be a $200 million scholarship program to provide underserved small business owners with business education courses at local community colleges, universities and other education institutions; networking opportunities with national and local business organizations; and a $300 million lending and philanthropic program to provide capital for Community Development Financial Institutions.

"I'm proud to be a part of this innovative program which provides greater access to know-how and capital - two ingredients critical to success," said Buffet.

The initiative will be steered by an Advisory Council composed of Goldman Sachs chief executive Lloyd C. Blankfein, Buffet, and Harvard Business professor Michael Porter.

This program comes after a recent Treasury department report found that the 22 banks that received the most Troubled Asset Relief Program funding cut their small business lending by a total of $10.5 billion over the past two quarters. Goldman Sachs received $10 billion in TARP funds, repaid in June.