I'd never heard that. It would be like Ford lending me money to buy a Chevy?
President Wilson’s deal with Britain was to make war loans to keep Britain afloat in World War One, if Britain used the loaned monies to purchase war supplies from the United States. After the war loans were given to Britain, Britain reloaned the same monies to the other allied powers using the same kinds of terms. The allies were to use the loaned monies to purchase war supplies only from British manufacturers. So, not only were the U.S. taxpayer funds not spent by Britain to purchase war supplies from U.S. manufacturers and U.S. labor, but Britain used the U.S. taxpayer funds to require the other allied nations to purchase only from British manufacturers and British labor instead of those in the United States. Then Britain added insult to injury by suspending repayment of the war loans when the allies defaulted on their repayments of the war loans to Britain. During the Great Depression, U.S. taxpayers were furious with Britain for what they viewed as British duplicity.
It is for these reasons the British diplomate in the Second World War referred to the U.S. Lend-Lease to Britain as such a great act. He had a double meaning, given the forgiveness of the British default in the same war loans of the prevous war.