The only hope for the Vulcan to the Sky project based at Bruntingthorpe airfield is for £1.2m to be found within the next month.
One of the engineers set to lose his job had only moved from Gloucestershire to Broughton Astley on Monday so he could be nearer his work on the Avro Vulcan XH558 bomber.
Alan Rolfe had been planning the move for months when he found out the project had run out of money but, in the middle of a five-house chain, he had to go through with the move.
The engine expert and deputy manager started working at the hangar last June.
The Vulcan to the Sky Trust announced on Monday last week that the funding deficit of £1.2m needed to be met or the project would fold. A total of 30 engineers, five administrative workers and contractors and 15 volunteers are set to lose their jobs.
Mr Rolfe, who now lives in Aland Gardens with partner Chloe Hagger, said there are plenty of job opportunities for skilled aircraft engineers in the area, but he was determined to try to save the Vulcan.
He said: "When we were told, my immediate reaction was my head fell in my hands.
"Everyone here knows I'm quite passionate about the project.
"After the initial disappointment there was a feeling that we wouldn't go out without a fight.
"To the last person here, we have all been trying to find sponsors, sending out emails to everybody we know to generate the interest around the country."
The Vulcan restoration project began in 1999 when the plane was bought from Bruntingthorpe Airfield owner Dave Walton by the Heritage Lottery.
In 2004 the Vulcan to the Sky trust were given a £2.7m lottery grant to begin work on making the cold war bomber flight worthy and they managed to raise nearly £3m in donations and goods and services on top of that.
When a team of Marshall Aerospace engineers were hired to start work on the plane last June, there was still a funding deficit of £1.2m but with costs mounting the Heritage Lottery advised work should go ahead.
The plane, which is 70 per cent complete, will be rolled out onto the runway on August 31 in a bid to attract publicity and the elusive corporate sponsors who could save the project.
Mr Rolfe said: "It would be a shame for Lutterworth and Leicestershire if it goes, because there are a lot of plane spotters out there who would visit the area to see the plane."
The Vulcan to the Sky club is asking people to pledge a donation. See www.vulcantotheskyclub.com or call Rusty Drewitt on 01162 478145.