LONDON (MarketWatch) -- Goldman Sachs said late Tuesday that it would provide $500 million to support small businesses, hours after its CEO Lloyd Blankfein apologized for the group's role in the global financial crisis.

Goldman GS, +2.12% has faced growing criticism over its likely massive bonus payouts as the U.S. economy remains in turmoil. It has also received, and subsequently paid back, $10 billion of aid from the Troubled Asset Relief Program.

The group said it will provide $100 million a year over the next five years, including a total of $200 million to provide scholarships for business and management educations and $300 million in the form of "loans and philanthropic support" to increase access to capital for small businesses.

Goldman has already set aside nearly $17 billion to cover pay and bonuses this year and that figure could rise to as much as $23 billion, meaning the five-year program is equivalent to a little more than 2% of its annual wages bill.

The Financial Times reported that the $100 million annual cost is the equivalent of one good trading day and that the bank had 36 days in the third quarter where it made more than $100 million.

Goldman said it will set up an advisory council co-chaired by CEO Blankfein, Warren Buffett and Michael Porter, of Harvard Business School.

"Our recovery is dependent on hard working small business owners across America who will create the jobs that America needs," said Berkshire Hathaway BRK.A, +1.30% BRK.B, +1.18% CEO Buffett.

"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," he added.

Goldman made no reference in the announcement to the public backlash over its profits, but Blankfein earlier did offer an apology for Goldman's role in the cycle of cheap credit that helped fuel the crisis.

"We participated in things that were clearly wrong and have reason to regret," Blankfein reportedly said, adding "we apologize."