Rural Broadband Improvement Act of 2007 - Amends the Rural Electrification Act of 1936 to extend the rural broadband access loan and loan guarantee program.
Revises the definition of "eligible rural area."
Establishes a non-duplification of terrestrial lines, facilities, or systems requirement.
Requires loan applications to be processed within 180 days.
Eliminates the eligibility prohibition for entities that serve more than 2% of the telephone lines installed in the United States.
Establishes a grant program for development of statewide initiatives to identify and track the availability and adoption of broadband services within eligible rural areas.
Sets forth loan security and equity requirement provisions.