But, she said, the Learning and Skills Council has told her it can only afford to give her 25 per cent of what she requested.
Ms Boreham was seeking extra cash for additional staff and professional development of existing staff, information technology equipment, and money for an electronic registration system.
She said: "We need the resources to turn this place around. The will is there but the money isn't. The inspectors expected to see information and learning technology in every classroom, but staff development will have to take priority.
"The staff have been very shocked by the inspectors' judgments and lifting their morale will be difficult, but they are superb and committed and they will get their act together."
Funding has been provided, however, for a "SWOT" (Strengths and Weaknesses) team from the Centre For Excellence in Leadership to support the college.
David Collins, the principal, and other staff from South Cheshire college, which was earlier this year rated outstanding by Ofsted, have visited Bexley.
Ms Boreham added: "That was a big boost for morale. David Collins said he found six things we did better which he would take back to South Cheshire."