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HAWTHORNE, NJ-The New Jersey Economic Development Authority (EDA) is guaranteeing 50% of a $2 million Fleet Bank loan to Computer Crafts, based here. The EDA guarantee is part of a $5.5 million financing and refinancing package obtained from Fleet by Computer Crafts.

The company will use the funding to refinance existing debt, upgrade its equipment and improve its facilities, and for working capital, according to its chairman and co-founder, John Harkins. Computer Crafts also expects to add more than 50 jobs to its existing workforce of 265.

Computer Crafts was founded in 1966 in a loft space in Paterson, NJ and currently operates out of a 100,000-sf, four-building complex here. The company makes modular interconnect systems, molded cable assemblies and fiber optic cable assemblies for the avionics and computer industries.

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