The Social Development Bank of Saudi Arabia has financed over 30,000 small enterprises, startups, and self-employed business owners with over SR2.9 billion ($770m) in the first quarter of 2023. The bank aims to infuse SR24 billion into small and medium-sized enterprises over the next three years, following a dedicated SME and micro-SME segment the bank set up in 2008. Founder and CEO Sultan Al-Hamidi added that the institution funds SMEs after a thorough screening process, starting from the idea, ensuring entrepreneurs complete business plans properly. Since the dedicated segment was set up, the bank has lent around SR16bn to 40,000 SMEs.