You don't query for the business name that was selected. So you've got the proper code to "refresh" the page automatically (might I suggest adding an "update" button for those with javascript turned off?); however, once the page is submitted, you don't query to get the businessname which corresponds to the ID submitted.
So you'd need to do one of two things: Either (1) Use two queries in your code, one to list all businesses and the other to get the info on the selected business, or (2) use one query which gets all business data for all businesses and then save that info to an array, then loop through the array to generate your select list and then use the $_POST['business_name'] value to get the information from that array.
Either way will work.