Organizers of Balloonapalooza announced Thursday that the festival is at risk of being cancelled this year due to lack of funding.

Larry Horowitz, chair of the Downtown Windsor Business Improvement Association, said the annual festival that features more than 80 giant cold air balloons in downtown Windsor needs to drum up $30,000 in the next 10 days.

Festival organizers are appealing to new sponsors, including the public, organizations and businesses in the community.

So far, the Windsor Family Credit Union and Motor City Credit Union have helped to fund the event.

"We've come to a crossroads here," said Horowitz. "Our budget is down 30 to 40 per cent of what it was a few years ago in its heyday."

Balloonapalooza has attracted more than 40,000 people to downtown Windsor.

Festival in jeopardy since summer of 2013

Last summer, the DWBIA claimed funding was also an issue.

Horowitz claimed funding had been cut because of changes made by the Ontario Lottery and Gaming Corporation. It had ended casino contributions to the DWBIA.

In 2012, the OLG said it wanted to reduce its contribution gradually over the next two years — from $315,000 down to zero.

At that time, Horwitz told CBC News the BIA and the Ontario Lottery and Gaming Commission agreed to an annual levy of $245,000 in 2012 and 2013. After that, funding would be up in the air.

The OLG money helped fund events like Balloonapalooza, the cleaning of city streets and providing free WiFi in the downtown core.