Sorry Mike,
Unless you have a buddy that can loan you some gear (which I'm guessing you don't or you wouldn't have posted this), you probably couldn't even rent enough gear for $300 to record a whole band and have it come out sounding decent. *
Besides the recording unit itself, you're going to need mics, cables, and stands. *All of which would easily total way over $300 if you're going to record 5 or 6 tracks at a time (you'd probably want at least

. *If you already have mics and a mixer, you might consider just getting a Minidisc player and hooking it up to the board and recording your live performances. *Of course you wouldn't have any flexiblity for post production, but it's better than nothing!
Good luck.