A few years ago, my family made hand-held fans to keep in the church house here, as it was without air conditioning. These fans were very simple in design, inspired by the "olden days" when folks had paper fans to keep them cool at summer services, usually with an advertisement from the local funeral home on the back.
I have seen some that have very beautiful pictures printed on them, which one could do with a computer and heavy card stock. We used rubber stamps to decorate our fans. Since it was for church, we put a scripture on each one.
We often kept the doors open at the church house in the summer, this made for some interesting memories. Our Beagle and our cat both tried to attend church, and one Sunday I believe more people were paying attention to a big fat bumblebee zooming over our heads than to what the preacher was saying.
Here is how to make the fan (My example is the one that my mother keeps handy in her Bible):
Use stiff cardstock (we used file folders) or thin cardboard. Trace the shape you want, circle, heart, oval, etc. and cut it out. Decorate as desired. Glue a wide craft stick to the lower half of your shape, about halfway into the shape (or what is needed for stability).
photos and some lovely examples and ideas here: http://www.plannersguide.com/paddle_fans.htm
This site sells fans that are for weddings, what a good idea!