Two Yeovil schools will fail with a joint bid for Specialist Schools Status (SSS) unless pledges totalling £40,000 are made by March 15th.
The Clarion reported last week that Preston and Westfield schools were in the process of applying, but the fund raising element seems to have hit a snag.
A total of £100,000 must be raised in private sponsorship for bids to be considered, with the joint Yeovil bid being about £40,000 short.
The situation is deemed so serious that MP David Laws and the Mayor of Yeovil, Councillor Bridget Dollard, have joined forces to urge local companies to help meet the shortfall.
David Laws said: "The schools have put a huge amount of work into their bids and it would be a great shame if these bids cannot be put forward due to a lack of sponsorship.
"I understand that fundraising by the two schools, combined with donations from firms such as Westland and Pittards, has raised over half the money needed. But there is still a long way to go - and not much time.
"I urge local businesses to come forward to back these important initiatives by the schools - which could bring as much as £1.2 million more into Yeovil schools over the next four years."
Councillor Dollard, who works at Preston School, was equally concerned, saying: "I know just how generous the people and businesses of Yeovil can be, and I ask people to come forward with the extra money so that our children do not lose out on this big opportunity."
Preston and Westfield have opted to try and get SSS status in business and enterprise, science, maths and technology.
The SSS programme aims to, for example; extend the range of opportunities available to pupils; raise the standard of teaching and learning; improve teacher recruitment; create a more flexible curriculum.
The SSS programme is administered by the Department for Education and Skills and offers a one-off £100,000 grant as well as £123 per pupil per year for successful applicants.
Buckler's Mead School already holds SSS status.
The March 15 deadline is for schools wishing to be accredited by September this year.
Those in a position to help should contact Mr R A Jones on 01935 403800 (Preston) or Mrs M Jackson on 01935 423747 (Westfield).
The money itself won't be needed until next year, but pledges must be made before the deadline.