SMEs are recognized as a most effective mechanism to push economic and social development. Their role becomes more important in Saudi economy which is in the diversification stage in an attempt to reduce KSA dependence on oil and to realize the Vision 2030. The government has established various institutions and working along with private sector to offer SMEs financial, technical and training support aimed at development of entrepreneurship. In this paper an attempt has been made to examine the status of SMEs and to identify & study the activities of the institutions extending financial and non-financial support to SMEs. The researcher has examined thirteen main institutions which are playing an important role in providing support in the areas of technology, marketing, financing, training, incubators, consultancy and policy & incentives. Finally suggestions have been extended for further improvement in order to capitalize the opportunities resulting in development and growth of entrepreneurship.