In my opinion, Yes, it will work, if central banks lend capital to the High Street banks to loan it onwards to small businesses, entrepreneurs, and business start-ups. Where no collateral exists, the government could guarantee it.
There are two types of business-people: those who will take risks, and those who will play it safe and not take risks. Those who will take risks will help create wealth. They are the ones who need funding. Some will lose, but most of them will make a success of their businesses, thereby creating jobs, movement of money, the flourishing of talents, the creation of profits....and profits mean wealth.
If the central bank starts with a pot of say 50 Billion, in three years it may see return of 70 Billion...money has been loaned out, made profit, and come back. And in the process, it will have brought the joy of work to lots of people, created many products and services, helped lots of shops, factories and offices to be usefully occupied, helped the dole ques to reduce, and people to be using more cars, public transport, eating at restaurants, using drycleaners, employing domestic staff, putting children in after school clubs, etc. And the economy would pick up, by grace of God.
The period between 1972 when Asians whose valueables had been confiscated arrived from Uganda, to 1974 saw a growth in UK GDP of about 4 percent. The Asians had the goodwill of their own community and the support of British High Street banks to support them in taking up newsagents and tobaconists, and so on. Hard work and enterprise turned into good living and wealth for a sizeable community, evidence the number on the Sunday Times Rich List.
If the central bank lends, and the High Street banks lend onwards, the swirl of money in the economy will make it flourish. Isn't that the purpose of money?