On October 18, 2000, at 1930 central daylight time, a Beech model 95-C55, N2016F, piloted by a private pilot, sustained substantial damage during a precautionary landing following a reported loss of engine power on initial climb following takeoff from runway 15 (4,401 feet by 75 feet, dry asphalt) at the New Ulm Municipal Airport, New Ulm, Minnesota. The flight was conducted under the provisions of 14 CFR Part 91 and was not on a flight plan. Visual meteorological conditions prevailed at the time of the accident. The pilot, who was the sole occupant, was not injured. The flight was originating at the time of the accident and was en route to the Flying Cloud Airport, Minneapolis, Minnesota. In a written statement, the pilot said that he experienced a loss of engine power shortly takeoff at about 25 to 50 feet above ground level, prior to landing gear retraction. He said that it appeared to be the left engine that lost power. He said that he closed the throttles and attempted to land on the remaining runway but the airplane had drifted to the right and he landed hard and struck a runway light.