If there is enough room (at least 1.2mm), I use micro paracord to replace drawbands. It has no flex or stretch, can have its knot sealed with a little heat, is tested to 100lbs, and is pretty cheap for more than you’ll probably ever need. I have used Atwood micro cord purchased from Amazon for my projects.
via https://old.reddit.com/r/typewriters/comments/1hc2olg/royalite_64_replacement_draw_band/