I decided against buying my own felt board at this time. With felt boards costing anywhere from $20 - $100+ I felt that I could create my own board cheaper and I did! I went to my local Michael's craft store where I bought a large piece of felt which was around $4 or $5. I also purchased Elmer's foam boards (pack of 3). These were on sale for around $3.
I cut the felt a little bit bigger than the board and folded it over to the back and stapled it into place.
Now I have a felt board which I can easily move around and place on the ground, a stand or even by the chalkboard. Since it is so light the children are also able to use it with ease.