Vectorize Text Badge Artwork

I have a text-based badge design that is still in a raster format and I need it redrawn as a true vector. The finished file must be an SVG that cuts cleanly on machines like Cricut or Silhouette so I can press the design onto clothing and other products without any jagged edges or loss of detail... (Budget: $30 - $250 AUD, Jobs: Adobe Illustrator, Graphic Design, Illustrator, Logo Design, Photoshop, SVG, Vector Design, Vectorization)