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S

Senior Debt
Debt that takes priority over any other debt, often secured against the borrower’s assets, although not always. Senior debt is cheaper as it usually has security and has more seniority i.e. the risk is lower to the lender as it has to be paid first, so it is cheaper.

Shares
The equity value of a company broken down into equal parts that can be bought and sold, which entitle the holder (shareholder) to a proportion of the profits.

SITR
S
ocial Investment Tax Relief
The Government’s tax relief for investors to encourage them to support social enterprises (with a range of income tax relief and capital gains tax relief).

Social Angel
Wealthy individuals who invest their money into start-up social enterprises, in return for part ownership of the business e.g. Dragon’s Den.

Social Enterprise
A social enterprise is an organization that works as a sustainable business in order to generate social impact alongside profits.

Social Impact
Social, economic and/or environmental change.

Social Investment
An investment into voluntary and community organizations, charities or social enterprises where a return on ‘impact’ (social, economic or ¬†environmental change) is hoped for/expected alongside financial returns.

Social Venture Capital Fund
See venture capital.

Sophisticated Investor
A type of investor who is deemed to have sufficient experience and knowledge in order to weigh up the risks and rewards of an investment opportunity.   They will often have a certain level of net worth and income.