Several thoughts come to mind.
As a preface, I have made over 150 banners, ensigns and flags for use in my SCA hobby; applique, painted and a mix.
The easiest would probably be painted cloth. I would get either a medium weight poly-cotton that's solid and opaic.
Joanns sells a couple of weights; the lighter is called Rodeo, the heavier used to be called trigger (it's in the bottom weights).
The other way would be to applique the design on; not hard, just means you need a machine with a good satin-stitch setting.
I can send you a copy of my banner making handout, if you'd like.
If your looking for authentic, either lighter weight poly-cotton (broad-cloth) or (the expensive option) silk. Not china silk either, a silk broadcloth.
Unless your lucky, that means e-shopping. Thai-silks or Denver fabrics. to start with. I would definitely paint the silk.
Not that who\ite on a black ground will be difficult.
Karl