As residents of Elliot Lake, Ont., grieve the loss of two community members killed in a collapse of their mall's roof, they are also dealing with a massive blow to the city's economy.

When a section of the Algo Centre Mall caved in Saturday it meant the destruction of not only a significant portion of the city's retail shops, but also the library, one of two grocery stores, one of two hotels, the health unit office, a funeral services office, a gym and several government service offices.

"The mall was a huge hub of the community," Elliot Lake Mayor Rick Hamilton said in an interview. "It's going to have a huge economic impact, not having the mall in operation."

Officials have not yet come up with a specific monetary estimate of what the devastating collapse will mean to the small community's economy, but it will be significant, they say.

The affected businesses run the gamut from small, locally owned shops to major retailers such as Zellers and FoodLand.

Sobeys, the parent company of FoodLand, has already announced it will rebuild and will pay its employees for up to six months while that happens.

About 250 people are out of work because of the mall's destruction.

A spokesman for the Ministry of Labour said Friday it's too early to tell whether the centre will eventually reopen.

Structural engineers are reassessing the structure and will issue recommendations on how to handle what's left of the building, Tom Zach said in a morning news conference.

But he stressed the decision to scrap or salvage the mall will come down to its owner.

"The decision may be that the building gets demolished (but) that's not our call," he said.

Spa owner Christine Abela said she will really be feeling the pinch, financially. She will be moving out of her home and in with a friend to lower her living expenses.

"We'll band together, do what we can," said Abela, 40. "(We'll) reduce our expenses, keep our overhead as low as we can and hopefully we can ride through whatever may happen."

The local chamber of commerce set up a committee soon after the collapse to provide support to the affected businesses. A staff member has been designated to help owners look for new land and property on which to rebuild.

Todd Stencill, the chamber's general manager, said staff and volunteers have contacted people from each business to make sure they have called their insurance companies, their bankers and point of sale representatives.

The chamber of commerce held a seminar this week at which counsellors talked about dealing with grief, Service Canada staff talked about how to apply for Employment Insurance and workers from the food bank talked about how to access its services.

The East Algoma Community Futures Development Corporation, an area economic development agency, has approved a transitional loan of up to $25,000 with no interest for any of the affected businesses.

Premier Dalton McGuinty visited Elliot Lake in the aftermath of the collapse and sat in on one of the chamber committee's meetings Thursday morning, Stencill said.

McGuinty told them the province would try to break through any rigid program requirements to get the community and businesses financial help.

By Monday, Stencill said he hopes to have a business resource centre up and running.

"This community has what it takes," he said in an interview.

"When we lost our mines and we re-established ourselves as a community that was based and geared around retirement living you see why we were able to rebuild. I see us being able to step right back there and rebuild again."

In the meantime, the community will have to figure out how to get by without all the services that were available in the mall.

Resident Judy Pine said with the mall gone it's difficult to find some items, such as underwear and children's clothing.

Some residents who are travelling to Sudbury — the closest sizable community at 160 kilometres away — are getting requests from others to pick up necessities such as socks, she said.

"Right now we're pretty much stranded for clothing," Pine said.

As the city of about 12,000 people deals with the deaths of two women in the mall collapse, they do so without their social centre.

"It was a community hub, if I can simply put it that way," Hamilton said.

"Everybody would go to the mall at least once a week, some daily. It was a gathering place...If you went downtown you almost always ended up in the mall. That's just kind of how it is in a small community."

Related on HuffPost:

Loading Slideshow...
  • Ontario Premier Dalton McGuinty, left, greets people of the community of Elliot lake after speaking at a press conference regarding the rescue and recovery of two bodies at the Algo Centre Mall in Elliot Lake, Ont., on Wednesday, June 27, 2012, after the mall's roof collapse last Saturday. During his address to a small crowd of rescue workers and local officials, McGuinty said his thoughts were with the family of the two female victims, whom he identified as Dolores and Lucie.

  • The Algo Centre Mall in Elliot Lake, Ontario, remains unstable as efforts continue on Wednesday, June 27, 2012, after the mall's roof collapse last Saturday. Officials recovered two bodies after dismantling a piece of a partially collapsed Ontario shopping mall on Wednesday and said they are confident no other victims are inside. The renewed rescue effort came after angry residents shouted down fears that the unstable structure made the work too risky to continue.

  • Firefighters, left, carry a second body out of the Algo Centre Mall in Elliot Lake, Ontario, Canada, on Wednesday, June 27, 2012, after the mall's roof collapsed last Saturday. Officials recovered two bodies after dismantling a partially collapsed Ontario mall on Wednesday and said they don

  • Rescue workers remove their hard hats as firefighters carry a second body out of the Algo Centre Mall in Elliot Lake, Ont., on Wednesday, June 27, 2012, after the mall's roof collapsed last Saturday.

  • Local residents react to the news that rescue workers have recovered a body at the Algo Centre Mall in Elliot Lake, Ont., on Wednesday, June 27, 2012, after the mall's roof collapse last Saturday.

  • Rescue workers wait to access the wreckage of the Algo Centre Mall in Elliot Lake, Ont., early Wednesday, June 27, 2012, as cranes remove debris caused by the mall's roof collapsed last Saturday.

  • Rescue workers watch as a demolition crane tears into part of the Algo Centre Mall in Elliot Lake, Ontario on Tuesday June 26, 2012. The controlled demolition on Tuesday night was part of a renewed bid to rescue any survivors. THE CANADIAN PRESS/Chris Young

  • A monument stands at a road entrance as a demolition crane tears into the Algo Centre Mall in Elliot Lake, Ontario on Tuesday June 26, 2012. Rescue workers are attempting an new plan to search for survivors after the mall's roof collapsed last Saturday. THE CANADIAN PRESS/Chris Young

  • A by-stander reacts as a demolition crane tears into part of the Algo Centre Mall in Elliot Lake, Ontario on Tuesday June 26, 2012. Residents of Elliot Lake, Ontario watched tensely as a massive robotic arm dismantled the facade of a mall that collapsed over the weekend, trapping at least two people inside. THE CANADIAN PRESS/Chris Young

  • Rescue workers watches a demolition crane as it tears into the Algo Centre Mall in Elliot Lake, Ontario on Tuesday June 26, 2012. Rescue workers are attempting an new plan to search for survivors after the mall's roof collapsed last Saturday. THE CANADIAN PRESS/Chris Young

  • A rescue workers watches as a demolition crane as it tears into part of the Algo Centre Mall, in Elliot Lake, Ontario on Tuesday June 26, 2012. Rescue crews began dismantling a partially collapsed mall late Tuesday night in this northern Ontario city in an effort to rescue victims despite fading hopes of finding anyone alive. THE CANADIAN PRESS/Chris Young

  • Local residents react to the news that authorities have called off a rescue bid for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ontario, on Monday June 25, 2012 as the site is deemed to dangerous.

  • OPP officers inspect the damage from the roof as rescue workers continue attempts to secure the building before searching for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ont. on Monday June 25, 2012.

  • Local residents react to the news that authorities have called off a rescue bid for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ontario, on Monday June 25, 2012 as the site is deemed to dangerous.

  • Missing victim Lucie Aylwin's father Rajean Aylwin (centre left) and boyfriend Gary Gendrom (right) react to the news that authorities have called off a rescue bid for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ontario, on Monday June 25, 2012 as the site is deemed to dangerous.

  • A rescue worker walks towards the emergency staging post as attempts continue to secure the building before searching for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ontario on Monday June 25, 2012.

  • Local residents react to the news that authorities have called off a rescue bid for any survivors at the site of the collapsed roof of the Algo Centre Mall in Elliot Lake, Ontario, on Monday June 25, 2012 as the site is deemed too dangerous.

  • Police form a line outside the Algo Centre Mall in Elliot Lake, Ontario on Monday June 25, 2012. According to some residents a large number of miners are due to arrive from Timmins to join a locally planned rescue effort. Officials in Elliot Lake, Ont., say they are resuming rescue efforts at a partially collapsed mall after an appeal from Ontario Premier Dalton McGuinty.

  • Police officers talk in front of a emergency services tent next to the Algo Centre Mall in Elliot Lake, Ontario on Sunday June 24, 2012.

  • A man leans on a columns next to the collapsed roof of the Algo Centre Mall in Elliot Lake, Ont. on Saturday June 23, 2012.

  • A man leans on a column next to the collapsed roof at the Algo Centre Mall in Elliot Lake, Ont. on Saturday June 23, 2012.

  • A teddy bear with a handwritten note is seen near the Algo Centre Mall in Elliot Lake, Ont. on Sunday June 24, 2012.

  • A woman checks out the damage after a roof collapsed at the Algo Centre Mall in Elliot Lake, Ont., Saturday, June 23, 2012. The partial collapse prompted a local state of emergency and a search for anyone who might have been injured in the cave-in.

  • The roof parking lot of the Algo Centre Mall in Elliot Lake, Ont. is shown on Saturday June 23, 2012.

  • The collapsed roof of the Algo Centre Mall is seen from a nearby hill in Elliot Lake, Ont. on Sunday June 24, 2012.

  • <a href="http://www.youtube.com/watch?v=WLsIqo5aKr8&feature=player_embedded" target="_hplink">Source: YouTube</a>

  • <a href="http://www.youtube.com/watch?v=WLsIqo5aKr8&feature=player_embedded" target="_hplink">Source: YouTube</a>

  • Heavy equipment is used in stabilization and rescue efforts at the Algo Centre Mall in Elliot Lake, Ont. on Sunday June 24, 2012.

  • Elliot Lake -- once an Ontario mining hub -- is located about 160 kilometres west of Sudbury.