On August 15, 1995, at 1900 central daylight time, a Piper PA-38, N381AV, collided with a runway intersection sign during takeoff at the Willard Airport, Champaign, Illinois. The 14 CFR Part 91 personal flight was not operating on a flight plan. Visual meteorological conditions prevailed. The airplane was substantially damaged. The pilot and passenger were not injured. The flight originated at Champaign, Illinois, on August 15, 1995, at 1845 cdt. The pilot reported that during the takeoff portion on the second touch and go landing, directional control of the airplane was lost. He stated the airplane veered off the left side of the runway. He reported he regained directional control of the airplane at which time it contacted a runway sign near the intersection of runway 22R and 14R/32L. He stated he was unaware that he contacted the sign, and since he had regained control of the airplane and was at rotation speed, he took off. He reported that once he was airborne, he noticed the damage to the left wing. The pilot returned to the airport and made an uneventful full stop landing.