GASTONIA, N.C. — The owner of The Rooster, a music venue in Gastonia, is working to keep his business open after repeated increases in interest rates caused him to fall behind on payments — $40,000 behind.
Carpenter opened the business in 2022 after receiving a loan from the Small Business Administration. He says to receive the loan, he had to agree to a mortgage with an adjustable interest rate. However, he says it's increased every month for 14 months.
"I expected a fluctuation. No one could have predicted doubling your mortgage," said owner Michael Carpenter. "Imagine if your mortgage doubled tomorrow."
Carpenter says his rate is now 11.75%, nearly double the 6% he started with. His bank says they can renegotiate if he gets up to date on payments, so he turned to the community for help.
"I decided to give one last try to raise some money and call upon the community that we built this place for," Carpenter said. "It's taken all of the two weeks, but it looks like we've done it. We've achieved our goal."
A benefit concert Saturday night and a GoFundMe has helped them get within a few thousand dollars of their goal. Carpenter has until Monday to come up with the rest. He says he feels confident he can get there and is grateful for the community that has backed him.
"I've been on the brink of tears quite a bit, but hearing some of the things people have said about how much they want us to be here has been extremely encouraging," Carpenter said.