Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Small Business Lending Stimulus Act
of 2008''.

SEC. 2. ECONOMIC STIMULUS SMALL BUSINESS CONCERNS.

(a) Reduction of Fees.--
(1) Small business act loans.--
(A) In general.--For fiscal year 2008, and to the
extent the cost of such reduction in fees is offset by
appropriations, with respect to each loan guaranteed
under section 7(a) of Small Business Act (15 U.S.C.
636(a)), the Administrator shall--
(i) in lieu of the fee otherwise applicable
under section 7(a)(23)(A) of the Small Business
Act (15 U.S.C. 636(a)(23)(A)), collect an
annual fee in an amount equal to a maximum of
.25 percent of the outstanding balance of the
deferred participation share of that loan;
(ii) in lieu of the fee otherwise
applicable under section 7(a)(18)(A) of the
Small Business Act (15 U.S.C. 636(a)(18)(A)),
collect a guarantee fee in an amount equal to a
maximum of--
(I) 1 percent of the deferred
participation share of a total loan
amount that is not more than $150,000;
(II) 2.5 percent of the deferred
participation share of a total loan
amount that is more than $150,000 and
not more than $700,000; and
(III) 3 percent of the deferred
participation share of a total loan
amount that is more than $700,000; and
(iii) in lieu of the fee otherwise
applicable under section 7(a)(18)(A)(iv) of the
Small Business Act (15 U.S.C.
636(a)(18)(A)(iv)), collect no fee.
(B) Implementation.--In carrying out this
paragraph, the Administrator shall reduce the fees for
a loan guaranteed under section 7(a) of Small Business
Act (15 U.S.C. 636(a)) to the maximum extent possible,
subject to the availability of appropriations.
(2) Debentures.--For fiscal year 2008, and to the extent
the cost of such reduction in fees is offset by appropriations,
the Administrator shall, in lieu of the fee otherwise
applicable under section 503(d)(2) of the Small Business
Investment Act of 1958 (15 U.S.C. 697(d)(2)) for an institution
described in subclause (I), (II), or (III) of section
502(3)(B)(i) of that Act (15 U.S.C. 696(3)(B)(i)), collect no
fee.
(b) Application of Fee Reductions.--If funds are made available to
carry out subsection (a), the Administrator shall reduce the fees under
subsection (a) for any loan guarantee or project subject to such
subsection for which the application is pending approval on or after
the date of enactment of this Act, until the amount provided for such
purpose is expended.
(c) Authorization of Appropriations.--There are authorized to be
appropriated to the Administrator for fiscal year 2008--
(1) $150,000,000 to carry out subsection (a)(1);
(2) $45,000,000 to carry out subsection (a)(2);
(3) $2,000,000 for direct loans under the Microloan Program
under section 7(m) of the Small Business Act (15 U.S.C.
636(m)), in addition to any other amounts authorized to be
appropriated for such purposes; and
(4) $10,000,000 for marketing, management, and technical
assistance under section 7(m)(4) of the Small Business Act (15
U.S.C. 636(m)(4)) by intermediaries that make microloans under
the Microloan Program, in addition to any other amounts
authorized to be appropriated for such purposes.
(d) Definitions.--In this section--
(1) the terms ''Administration'' and ''Administrator'' mean
the Small Business Administration and the Administrator
thereof, respectively; and
(2) the term ''small business concern'' has the same
meaning as in section 3 of the Small Business Act (15 U.S.C.
632).

SEC. 3. REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM.

Section 502 of the Small Business Investment Act of 1958 (15 U.S.C.
696) is amended by adding at the end the following:
''(7) Permissible debt refinancing.--A financing under this
title may include refinancing of existing indebtedness, in an
amount not to exceed 50 percent of the projected cost of the
project financed under this title, if--
''(A) the project financed under this title
involves the expansion of a small business concern;
''(B) the existing indebtedness is collateralized
by fixed assets;
''(C) the existing indebtedness was incurred for
the benefit of the small business concern;
''(D) the proceeds of the existing indebtedness
were used to acquire land (including a building
situated thereon), to construct or expand a building
thereon, or to purchase equipment;
''(E) the borrower has been current on all payments
due on the existing indebtedness for not less than 1
year preceding the proposed date of refinancing;
''(F) the financing under this title will provide
better terms or a better rate of interest than exists
on the existing indebtedness on the proposed date of
refinancing;
''(G) the financing under this title is not being
used to refinance any debt guaranteed by the
Government; and
''(H) the financing under this title will be used
only for--
''(i) refinancing existing indebtedness; or
''(ii) costs relating to the project
financed under this title.''.
Solution:
Small Business Lending Stimulus Act of 2008 - Directs the Administrator of the Small Business Administration (SBA) to reduce in 2008 the rate of certain loan fees imposed under the Small Business Act and debenture fees under the Small Business Investment Act of 1958.

Authorizes appropriations for FY2008: (1) to cover such rate reductions; and (2) for direct loans and assistance under the SBA Microloan Program.

Amends the Small Business Investment Act of 1958 to authorize the SBA to refinance certain existing debt of small businesses that received prior loans for plant acquisition, construction, conversion, or expansion.