Californians have heard plenty about businesses leaving the state. The other direction gets less attention: what it takes for a new business to come in. In regulated industries, entry requires licensing, and an application can remain pending for years without a response. One lender says it entered that process more than two years ago. Similar approvals came through much faster in other states. In California, the application is still pending, and no decision has come back in either direction. Laine Schoneberger, managing partner and chief investment officer at Yrefy, LLC, is the executive leading that application. The service the company is seeking approval to offer refinances defaulted private student loans at roughly half the borrower's current payment. He sits down with Siyamak to discuss the two years in the queue and the math that makes a cut that steep possible. Views expressed in this video are the opinions of the host and the guest and do not necessarily reflect the views of The Epoch Times.