If these businesses were "safe" bets, there would be no need for the government to step in - the capital markets would queue up to provide.

Government loans and subsidies like this only make sense exactly when they are for high risk ventures where what they provide may be very unlikely to provide a good direct return on the initial investment itself, but where the potential societal benefits in the long term can be great (e.g. improved environment, or kickstarting an entirely new market).