On July 19, 1997, about 1222 eastern daylight time, a Bellanca 8GCBC, N4138Y, collided with the ground while attempting to pick up a banner for towing operations at the Flagler County Airport, Bunnell, Florida. The airplane was operated by the pilot under the provisions of Title 14 CFR Part 91, and visual flight rules. Visual meteorological conditions existed, and no flight plan was filed for the local banner towing flight. The commercial pilot, who was the sole occupant, sustained minor injuries, and the airplane was substantially damaged. The flight was departing at the time of the accident. The pilot stated after picking up the banner, he was looking outside the airplane and not at the instrument panel when the stall occurred, not knowing he was at minimum airspeed. He stated there were no mechanical problems with the airplane. Witnesses stated to the FAA that the aircraft stalled as soon as it hooked the banner and became airborne. On July 23, 1997, the pilot/owner were sent a NTSB Form 6120.1/2. As of the date of this report, the form had not been completed.