SINQ is a steady-slate neutron source. Its concept is optimized for the highest possible neutron flux that can be generated from the available beam power. This source Is fed by the PSI cyclotron accelerator system used for particle and nuclear physics, medical applications and an ever increasing portion of condensed matter- and material science. With the beam power approaching 1 MW, SINQ is equivalent to a medium flux reactor for thermal neutrons. With our emphasis on cold neutrons, we have optimized the cold moderator and the neutron beam transport system (supermirrors) to the instruments. In Ibis spectral region the source becomes competitive with high flux facilities. We present the set up and the expected performance of the source (if possible first results of actual beam measurements may be available at the time). Furthermore, ive give an outlook on the set of spectrometers at the source.