Defense Research and Development Program; create.

HB 1321 creates a new program to provide loan assistance to small and medium-sized Mississippi businesses with high growth potential that conduct research and development (R&D) in partnership with the Mississippi Military Department, Mississippi National Guard, or Mississippi colleges/universities. It establishes a dedicated "Defense Research and Development Program Fund" in the state treasury, separate from general funds, to finance these loans for seed and early-stage capital. The Mississippi Military Department will administer the program, including reviewing applications and disbursing funds, with unspent balances carrying forward annually. The bill takes effect July 1, 2025, and directly affects eligible Mississippi businesses collaborating on defense-related R&D projects.