Uncharted Territory - Essential Skills Ontario

GLOSSARYSocial Enterprise LendingThe practice of offering loans and other financing vehicles below currentmarket rates to social enterprises and other organizations pursuing socialgoals. Often referred to as financing with ‘soft’ terms, it generally includeslonger loan terms, lower interest rates and repayment ‘holidays’ where capitaland interest repayments are not due until the project is profitable.Social EnterpriseAny socially-driven organization (for-profit or non-for profit) that usesmarket-oriented approaches to improve human and environmentalconditions. Income generating activities are often tied directly into and workto address the social mission of the organization.Social Entrepreneur (Entrepreneurship)The recognition of a social problem and the uses of entrepreneurial principlesto create and manage an enterprise or develop an initiative for the purpose ofachieving a desired social change.Social FinanceAn approach to managing money that delivers social and/or environmentalbenefits, and in most cases, a financial return.Social Impact Bond (SIBs)A contract with the public sector in which a commitment is made to pay forimproved social outcomes that result in public sector savings. The expectedpublic sector savings are used as a basis for raising investment for preventionand early intervention services. SIBs are not bonds in the conventional sense;they operate over a fixed period of time and do not offer a fixed rate ofreturn. Return on investments is contingent upon achieving specifiedoutcomes.Social InnovationStrategies, concepts, ideas and organizations that meet social needs of allkinds.Social InnovatorPeople who use innovative practices or do things differently to achieve socialchange.Social Intrapreneurship (Social Intrapreneurs)Any person or organization who uses entrepreneurial principles to pursuesustainable solutions to social problems within existing corporations,organizations and/or institutions. Intrapreneurship is defined byorganizational practices and management styles that integrate risk-taking,innovative approaches and the reward and motivational techniquestraditionally thought of as being the province of entrepreneurship.Uncharted Territory: Can Social Innovation Revitalize Literacy and Essential Skills Programs? • 29