Although the idea of low code development is not new, the market for these oftentimes platform-based development approaches is exponentially growing. Especially factors such as increasing affinity for technology development across all user groups, consumerization of development, and advancing digitalization are opening a new target group for the low code movement. The broad application possibilities of low code, as well as the benefits, are therefore getting more important for businesses. Especially for small and medium-sized enterprises (SMEs), low code constitutes a promising avenue to survive and succeed in the rapidly changing world. However, a clear understanding regarding the application of this paradigm of software development in SMEs is still missing. To provide a coherent understanding of the phenomenon low code in SMEs, we review extant literature and conduct interviews, identifying potential application domains and conceptualizing the benefits and challenges of low code from a holistic perspective.