The Goldman Sachs Group last week announced the launch of a $500m (£300m) initiative that it hopes will unlock the growth and job-creation potential of 10,000 small businesses across the US.

The initiative will provide $300m (£180m) in grants and loans to community development finance institutions (CDFIs), which support businesses in poor communities that often have limited access to mainstream banking.

Goldman Sachs will also contribute $200m (£120m) to local community colleges, universities and other institutions to provide scholarships for small business owners to gain practical business education.

The programme will be guided by an advisory council co-chaired by noted philanthropist Warren Buffett, Dr. Michael Porter of Harvard Business School, and Lloyds C. Blankfein, chairman and CEO of Goldman Sachs.

A spokesperson for Goldman Sachs said they are currently working to develop a strategic philanthropic initiative, similar to this one, in Europe.