The state has agreed to help out Delta Marine by approving an 18 million USD bond package so the yacht builder on Seattle's Duwamish River can expand.

Delta Marine will use the money to build new buildings and install a boatlift that will allow the company to handle yachts 250 feet long. The company employs 290 people, and with the new financing, company officials said they'll add 168 jobs.

The state provided a 10 million USD tax-exempt bond issue through the Bond Cap Allocation Program, along with another 8 million USD taxable bond. The money comes from the state's Consolidated Taxable/Tax-Exempt Nonrecourse Revenue Bond Financing Program, which provides businesses with lower-than-conventional loan rates.

"Good employers like Delta Marine are vital to generate job opportunities for Washingtonians," said Gov. Chris Gregoire in a statement.