Cavs Owner Gilbert Waiving Rent For Small Businesses In Detroit
Cleveland Cavaliers owner Dan Gilbert is waiving rent payments for small businesses located in buildings owned by his Bedrock Detroit company.
Many small businesses are struggling to survive, as authorities ask Americans to practice social distancing and remain at home.
Bedrock announced it will waive rent and parking payments for up to three months for the small businesses located in buildings owned by the company.
"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," Bedrock CEO Matt Cullen said in a statement last week.
Bedrock houses 125 retailers and restaurants, in addition to another 210 businesses in office space. To qualify for the waiver, a business only must meet the Small Business Administration's definition of a "small business."
Gilbert and his Quicken Loans company have already donated $1.2 million to help with impact of the coronavirus in Detroit.
As Business Insider reported, "Gilbert built his $6.46 billion fortune after cofounding Quicken Loans in 1985 with money he made from delivering pizzas, according to the Bloomberg Billionaires Index. Quicken is now the largest mortgage lender in the United States, Bloomberg reports."
Gilbert is continuing to progress after suffering a stroke in May. He suggested to Crain's Detroit Business in February that recovery is more of a marathon than a sprint.
"When you have a stroke, here's the problem with it -- everything is hard. Everything," Gilbert told Crain's. "Like you wake up, getting out of bed is hard, going to the bathroom is hard, sitting down eating at a table is hard. You name it. You don't get a break. You're like trapped in your own body."
Gilbert has owned the Cavs since March 2005. They have made five appearances in the NBA Finals since then, winning the franchise's lone championship in 2016.
It has not yet been determined if the NBA will resume or complete the 2019-20 season, though the league remains hopeful.
Sam Amico covers the NBA and Cleveland Cavaliers for SI.com. Follow him @AmicoHoops.