Don't overlook the possibility of fitting a single phase motor of the same HP rating in place of the maker's original, depending on the design this may or may not be practical.
If, and only if, the load is fairly constant (and for this it probably isn't) it is possible to spoof 3 phase from single phase with a capacitor (about 50 to 100uf/horse power) but the motor will be a bit underpowered, as it is getting 230V between one pair of phases, and 220v via a capacitor on the other, and unless you want to switch caps in and out as the load changes, this is not practical in cases like this, but I mention it for others who may be also needing 3 ph but for less stressful purposes. I have seen very cunning ones where a phase angle sensor was used to click in more or less capacitance with relays as required, but if this makes no sense, then I fear building one will be beyond you.
The other trick is to use the capacitor start as already described, and have an idler 3phase motor with a flywheel to acta as a motor-generator to level up the 3 phases.
Inverters are much cleaner, but the budget may well not stretch that far.
regards M.