Embroidering the Success of Small Businesses
For Mychael Darwin and his wife Yasmeen Muqtasid, hanging out with superstars is no big deal. He proudly shows a denim jacket he designed for Prince, embroidered with the famous sign. “It’s not even work for me,” he said.
Mychael and Yasmeen own Omnific Studios, a clothing design studio that specializes in leather apparel, accessories, and couture designs.
Mychael has designed outfits for stars like Jamie Foxx and former President Bill Clinton, among many others, whose pictures line the walls.
Yasmeen and Mychael in their studio space in Commerce, CA 2024.
For nine years, their studio in the city of Commerce has been producing one-of-a-kind designs that focus on leather products.
When they needed a loan, Yasmeen said she was curious about CDFIs, also known as community development financial institutions, and that’s why she was drawn to Inclusive Action for the City. Once she discovered that CDFIs are backed by the Department of Treasury, she said she had an a-ha moment. “We should explore this.”
They received much more than their $15,000 loan. Like all IAC loans, theirs came with a business coach who helps borrowers navigate the process and offers guidance in preparing a business plan, marketing, website, technology, and connecting to other services. Their coach, Josephine Gardner, made a world of difference to Yasmeen and Mychael.
“There is a success story that you (IAC) want us to have. It was like business therapy for your business. If you’re having a challenge with this or that, well we have a partnership that helps businesses with XYZ,” said Yasmeen. The coach made her realize that she did not know what she did not know. They felt IAC was rooting for their success. And that doesn’t happen at other lending institutions, they said.
The loan, which the couple called a jump-start, was used to purchase leather, equipment, and other inventory, which allowed them to make $40,000 in profits and gave Mychael the freedom to focus on creativity. “Being free is what inspires me. Being able to create our brand, being able to create anything we can imagine or the client can imagine is not even work for me,” said the designer.
Mychael, who got his break designing for the show In Living Color, says working with IAC has helped him live his best life.
“The business coaching is a nice value-added. You have someone who is invested in your success and checks in on you. They want you to do well,” said Yasmeen.
The dynamic couple encourages other business owners to explore Inclusive Action and other CDFIs.
“The difference between IAC and other lending institutions is there is a collaboration, and you feel that organization really wants you to get the loan.
For Mychael and Yasmeen, IAC turned out to be a star that opened a new path for them.