I've tried making one out of MMF and it didn't come out good. Is there a better way?

Try making it with Wilton fondant. It tastes nasty, but Wilton fondant seems to be the best when it comes to making things like bows.

http://forum.cakecentral.com/cake-decorating-ftopict-582750.html
This seems to work real well !

MaxTRexmom - what was it that you didn't like about the bow you made with the MMF? I now use Satin Ice, but for some of the first bows I made, I used MMF and they turned out ok. Maybe I can give you some suggestions if I know what you would like to change.

I did one of cakequeen's bows over the weekend and it was so easy to do,
so give this a try, I'm sure you will find it works great!

I would try adding some tylose to the MMF. I have made bows with this and had no issue!

HTH~~

Those types of bows really are made best with gumpaste. You can even use a mixture of gumpaste and fondant, but I suggest all gumpaste.

I cut it into ribbons and formed the shape once over a small rolling pin and another time over wadded up paper towels. Both times they just fell flat even after hours of drying. I guess I could try the wilton but I hate to spend the $$ since I'm not really selling my cakes yet. I love the MMF because it's so cheap to make. I've seen ones made out of gumpaste that look great but I've never worked with gumpaste before so I'm not sure what the difference is.

i use half fondant half gumpaste for all my loop bows. I dry them on a 1in dowel over night then i turn them on there sides and let them dry another day.

Are you working in airconditioning or are you having to deal with the heat and humidity? If it's hot and humid, that can be a big part of your problem.

i forgot to mention a trick that I use when I posted earlier. As I said I use all gumpaste. Its just like fondant, but easier to use because you can roll it so thin and it is alot easier to handle. I use the wilton ribbon cutter to ensure that all of my ribbons are exactly the same width and I hand them over an empty paper towel roll. I just lay my towel rack on its side with the empty paper towel roll on it and lay my ribbons over top of it and join them together on the bottom with water or gum glue. This ensure that all of my ribbons dry with the same size loops. Check out the one on the peach cake in my gallery. It was my first and worked perfectly!