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They want to sponsor the event because their support will help leverage more money for the organization. Sure they can write a check, but by helping sponsor your event, they will encourage hundreds (thousands?) of other people to give of their time and their resources.
In terms of finding a company, look for a regional or national company with a large presence in your community. (In my area, its a grocery store chain that comes to mind, but in yours, it may be something completely different.) Also, you might check with your school's development office to see if they might be willing to help you locate sponsors. Also, check to see if any of your area alumni work for a company that might help--having an "in" can help immensely.
Feel free to PM if you have any more questions.
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