Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2007

Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2007 - Increases funding, for each of FY2008-FY2010, for the Office of Veterans Business Development of the Small Business Administration (SBA), with the excess funds to be used to support veterans business outreach centers.

Amends the Small Business Act to direct the President to establish an interagency task force to coordinate federal efforts to increase capital and business development opportunities for, and the award of federal contracts and subcontracts to, small businesses owned and controlled by service-disabled veterans and veterans.

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

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

Directs the Administrator to: (1) establish a loan pre-consideration process for small business loans to reservists; (2) develop an outreach and technical assistance program with respect to loans and grants made to reservists; and (3) give priority to reservists' loan applications. Increases the loan limit for such loans.

Authorizes the Administrator to make noncollateralized small business loans to reservists. Provides relief from SBA time limits in the case of certain veteran or service-disabled veteran small business loans.

Requires a: (1) report concerning types of assistance needed by service-disabled veterans who wish to become entrepreneurs; and (2) study on options for promoting positive working relations between employers and their reservist employees.