Military Reservist and Veteran Small Business Reauthorization Act of 2007

Military Reservist and Veteran Small Business Reauthorization Act of 2007 - Amends the Small Business Act to: (1) authorize grants of up to $25,000 for small business assistance for members of the reserves called or ordered to active duty (reservists); (2) allow the Administrator of the Small Business Administration (SBA) to make noncollateralized small business loans to such reservists; (3) direct the Administrator to establish a loan preapproval process for small business loans to such reservists; and (4) direct the Administrator to develop an outreach and technical assistance program with respect to loans and grants made to such reservists.

National Reservist Enterprise Transition and Sustainability Act of 2007 - Directs the Administrator to establish a program to provide business planning assistance to small businesses owned and operated by reservists.

Authorizes SBA loans of up to $100,000 to new veteran entrepreneurs.

Provides increased funding for FY2008-FY2010 for the SBA's Office of Veterans Business Development.

Extends permanently the SBA's Advisory Committee on Veterans Business Affairs.