Generating economic growth My background is not in economy, but I know that the indebtedness of the western countries is slowing the growth of the economy.

So my line of thinking is the following. Would it be feasible if a country's central bank (which would be state owned) prints money and then the government by various tenders for small businesses and startups distributes this money?

This created money would be granted for productive purposes only, interest free and not returnable if the company performs well. Also I think that this increase in the money supply would not generate inflation because the money will be backed by future products and services. By this measure the production and consumption would increase in the country. Therefore the state would need not to take foreign loans because the required sum of money for it's purposes would be covered with taxes. Of course small and medium sized companies would be taxed much less than big, multinational companies. 

What are your thoughts on this?
Remember that increases in a standard IS-LM model an increase in government expenditure generates an increase in the real interest rate. 
As such, private investment decreases. Traditional economic theory would suggest that what you recommend will crowd out private investment. The question can then be modified as follows-  does a 1 Dollar increase in government expenditure decrease private investment by less than 1 Dollar? In other words, is the government multiplier greater than 1? A lot of empirical work has been done on this.