sapha - from Addu city, republic of maldives
Yes, you can make bows using only fondant. Just make sure that you allow ample time for the loops to dry at room temperature. They'll need at least 24 hours, or more if you live in a humid or moist climate. If you want to reduce the drying time, make your bows with a 50/50 blend of fondant and gum paste. Just knead them together well before you roll it out. You can find the technique for making bows here:
http://bakedecoratecelebrate.com/techniques/fondantbow.cfm?cat=4