On August 13, 2003, about 1900 eastern daylight time, a Cessna 170B, N2987D, registered to and operated by an individual, ground looped on takeoff at La Belle Municipal Airport, La Belle, Florida. Visual meteorological conditions prevailed at the time, and no flight plan was filed. The instructional flight was conducted under 14 CFR Part 91. The airplane incurred substantial damage and the student pilot was not injured. The flight was originating at the time. The student pilot stated that he aligned on the runway and he advanced power to begin the takeoff roll, and was well in control of the airplane. Once ground speed increased, he lifted the tail of the airplane. As the tail section lifted the aircraft veered to the left. He tried to correct for the left deviation but was unsuccessful and elected to abort the takeoff. The airplane then ground looped to the right incurring damage to the right wing and right elevator before coming to a complete stop. He also mentioned, he experienced no mechanical malfunction or failures with the aircraft systems.