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.