yep they are available from a zillion websites and most local sewing machine shops.
You can replace it with an original leather belt and staple.
You can also replace it with aquarium silicon tubing and stitch it together. (weird but true)
By the way, that serial number shows as a Singer 127 ordered to be built Aug 5, 1920
here is a link to the manual for it.
http://www.ismacs.net/singer_sewing_...ls/127-128.pdf