Cleveland Cavaliers Owner is Waiving Rent for Small Businesses in Detroit - Black Enterprise
Black Enterprise magazine Fall 2019 issue

Cleveland Cavaliers owner Dan Gilbert has considered the woes of small businesses during the coronavirus pandemic. His real estate company, Bedrock, is introducing new measures to help small businesses in Detroit survive.

The real estate firm announced that it will waive all rent, expenses, and parking fees for all restaurants and retail tenants that qualify as “small businesses” for the months of April, May, and June. This measure is being taken to help these businesses survive as it will allow them to use their resources to pay other bills and still be able to pay the salaries of their employees.

“As with all of our tenants, entrepreneurs and small businesses play an incredibly important role in our local economy, which has been central to Dan Gilbert’s vision over the last 10 years of his investments in Detroit and Cleveland,” said Bedrock CEO Matt Cullen in a written statement. “It is going to take the entire community to mitigate the effects of this pandemic on the region, and we are happy to do our part to help our portfolio’s most vulnerable businesses weather the storm. We are staying in close contact with each of our tenants and stakeholders every day to understand their needs and concerns, and how we can help.”

This decision was made due to the spread of the coronavirus, which causes the COVID-19 disease, and the sweeping effects of recent government guidelines for community safety and preparedness. Qualification as a “small business” is based on criteria established using industry and governmental standards.

“It has been inspirational to watch as business owners have adapted to confront our current challenges,” continued Cullen. “At Bedrock, we continue to look for additional ways to support our small business tenants, through catering orders, participation in virtual yoga classes, and more. We urge those living and working downtown to consult the site we’ve set up when you’re ordering lunch or dinner, or are looking for a social distancing-friendly gift idea.”

Bedrock owner Dan Gilbert is the co-founder of Quicken Loans and founder of Rock Ventures. He also is the owner of the National Basketball Association’s Cleveland Cavaliers.