Although the downward trend in interest rates is expected to support real sector activities, the benefits will not be evenly distributed across all small and medium-sized enterprises. SMEs positioning for growth must therefore shift their focus from the expectation of cheaper credit to the fundamentals of bankability. In contrast, informality increases uncertainty and limits access, regardless of prevailing interest rates. Cash flow discipline takes centre stageCash flow management sits at the center of SME readiness in a lower interest rate environment. Productive borrowing determines outcomesBorrowing in a lower interest rate environment is most effective when it is clearly linked to productive use.