Eagle Labs funding

Summary

The request sought details on government funding and loss underwriting for Eagle Labs. The response disclosed a joint financial guarantee agreement with Barclays Bank and the Chamber of Commerce, specifying the maximum cover amount and the actual sum paid to date.

Key Facts

• The Department for Enterprise entered a joint agreement with Barclays Bank and the Chamber of Commerce to provide a financial guarantee for Eagle Labs.
• The guarantee covers rent costs if quarterly income is insufficient.
• The maximum guarantee amount over a 5-year period is £324,062.50.
• The actual amount paid to date is £41,033.87.
• The payment period covered is from 1 March 2018 to 1 June 2019.

Data Disclosed

• £324,062.50
• £41,033.87
• 1 March 2018
• 1 June 2019
• 5 year period
• 14 May 2019
• 10 June 2019
• 824965

Original Request

Please can you provide confirmation of how much funding was provided by government, including treasury directly, or any government department, to support the setup and ongoing costs of Eagle Labs, including any non-repayable grants, loans, loss underwriting, or other financial support? Should the business operating the Eagle Labs facility be underwritten against loss, please confirm if there is a maximum loss cover amount?'

Data Tables (1)

Full Response Text

Freedom of Information Co-ordinator 1st Floor, St Georges Court Upper Church Street, Douglas Isle of Man IM1 1EX

Telephone: (01624 685375) Website: www.gov.im/ded Email: steven.tallach@gov.im

Our ref: 824965 10 June 2019

Dear ###

We write further to your request which was received on 14 May 2019 and which states:

"Please can you provide confirmation of how much funding was provided by government, including treasury directly, or any government department, to support the setup and ongoing costs of Eagle Labs, including any non-repayable grants, loans, loss underwriting, or other financial support? Should the business operating the Eagle Labs facility be underwritten against loss, please confirm if there is a maximum loss cover amount?'"

Our response to your request is as follows: The Department has entered into a joint agreement with Barclays Bank and the Chamber of Commerce to provide a financial guarantee in respect of Eagle Labs if there is insufficient income per quarter to cover the rent for the premises. The agreed maximum guarantee over a 5 year period is £324, 062.50. The actual amount paid to date is £41,033.87, covering the period 1 March 2018 to 1 June 2019. Barclays Bank has fitted out the premises and operates the Eagle Lab under a network agreement with the Chamber of Commerce. Please quote the reference number 824965 in any future communications.

Your right to request a review

If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.

An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.

If you are not satisfied with the result of the review, you then have the right to appeal to the Information Commissioner for a decision on; 1. Whether we have responded to your request for information in accordance with Part 2 of the Freedom of Information Act 2015; or 2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any time, attempt to resolve a matter by negotiation, conciliation, mediation or another form of alternative dispute resolution and will have regard to any outcome of this in making any subsequent decision. More detailed information on your right to a review can be found on the Information Commissioner’s website at www.inforights.im. Should you have any queries concerning this letter, please do not hesitate to contact me. Further information about freedom of information requests can be found at www.gov.im/foi.

I will now close your request as of this date.

Yours sincerely