Loom bands is one of the big crazes this year (along with Frozen)
Good thing with loom bands is they are very cheap and not as messy as one may expect.
My 2 girls are always doing their loom bands but our lad, simply don't like them.
Regards the bows, I saw someone years ago make some very tiny bows with some cocktail sticks and double sided tape, no idea on how they did it.