For private credit managers and investors looking for attractive opportunities beyond the crowded upper market, small and medium-sized enterprises (SMEs) can be a compelling segment. With the backdrop of the Federal Reserve’s recent 25 basis point reduction in the federal funds rate, we asked Andalusian Credit Partners Executive Chairman Roger W. Ferguson, Jr. (former Vice Chair of the Federal Reserve) for his perspective on how the current interest rate environment and other economic factors could impact SMEs.