Cooperation between universities and firms in regions with low technological intensity has received little attention from academics in recent years. This study aims to understand university-firm (U-F) cooperation in a low-tech region in an emerging economy such as northeastern Brazil. To achieve this objective, a qualitative approach was adopted, with data being collected through semi-structured interviews with lecturers-researchers and owners-managers involved in a cooperation relation between a university and small and medium-sized enterprises (U-SMEs). From descending hierarchical classification (DHC), carried out using IRAMUTEQ software, four categories/topics were identified: (1) selecting partners, (2) barriers to cooperation, (3) institutional environment, and (4) effects of that cooperation on regional development. The results show that researchers look for these small firms based on their geographical, technological and institutional proximity. SMEs, in turn, seek cooperation from the university, from the close social relations they already have with researchers and/or other actors linked to the university who can help them to form these partnerships. The barriers to cooperation found are associated with the time taken and academic bureaucracy. The institutional environment is also a relevant factor both in forming cooperative relations and the obstacles underlying this type of process. Perception of the results of cooperation for regional development emphasizes the qualification of human resources and retaining them in the region, as well as access to new knowledge. The actions developed by the university involving local SMEs also increase the university’s insertion in the business environment.