Fundraising is always a challenge, but I found that several small events/initiatives are easier that one big blow out event. Some of the ideas that have worked for me and can hopefully help you!
Partner with a local restaurant and ask them to designate a day whereby $2 of the sale of their most popular item goes to your ride. Volunteer to help with the dishes or host to promote this item. The owner of the restaurant I worked with went as far as creating a special pasta dish and insert for the menu. It was available only on Saturday nights during a two week period.
I emailed some local wineries, breweries and cheese shops and asked them to donate product so I can host a wine and cheese event and showcase some of the wonderful local product being produced along the Toronto to Niagara route (even if I'm doing the Montreal - QC route). I was surprised by their generosity and ended up with nine cases of beer and 16 bottles of wine and lots of great local cheeses. I charged $20 and people loved it.
Something else I did was hold an online auction on my Facebook page. I ask friends, family, colleagues and businesses to donate items and I post them on my page. The auction was open for two weeks and the highest bidder won.
I've been able to raise over $3,500 so far and hope to go beyond $4,000 by June. Even in tough economic times, people are still willing to donate money to a cause that affects so many of us. Good luck!