I'd read the other threads about collegiate cycling. Almost all of them include information about how teams procure sponsorships, get money, etc.
I have to say that I wouldn't give team money to any specific individuals. If people want help with procuring parts, you guys need to send in sponsorship proposals to everyone you can think of, and hope you get some deals. Not money, deals. You'll get a certain discount level, that will increase over time if your team gets bigger and gets better results. Our team got prices that would rival some shop employees' deals. We had a bike sponsor (who also had a HUGE catalog of components, etc), a tool sponsor, a component/wheel sponsor, a food sponsor, a training supply sponsor, and others.
If you or anyone else want more specific information, feel free to PM me.