The trend towards the development of small satellites, or smallsats, has been increasing over the last few years. However, the harsh space radiation environment in which these smallsats operate provides a challenge to their survivability as their desired mission lengths increase from a few months to several years also. Smallsats typically use commercial off the shelf components (COTS) that are built for ground operations, not space use. Therefore, they may be more susceptible to the hazards of space radiation than traditional spacecraft which are typically designed to withstand the high radiation levels of space. The present paper provides a targeted assessment of representative COTS components using up to date models of the space radiation environment and its effects on smallsats in a polar Low Earth Orbit (LEO). This orbit will be assumed to be sun synchronous (98.5° inclination) and at an altitude of 800 km. We employed the new Solar Accumulated and Peak Proton and Heavy Ion Radiation Environment (SAPPHIRE) model which has been released recently in 2018, ISO-15390 GCR model, and AP8/AE8 models to estimate the space radiation environment for solar particles, galactic cosmic rays (GCRs), and trapped protons and electrons respectively. The basic damage effects that can be produced in materials and electronics in this orbit due to their exposure to the space radiation are evaluated. These effects are the Total Ionizing Dose (TID), Displacement Damage Dose (DDD), and Single Event Effects (SEE) as represented by Single Event Upsets (SEUs). SEU is evaluated for different COTS components which are believed to be representative of an optimum blend of capability and cost-effectiveness for the next generation of smallsats, including 20 nm Xilinx Kintex Ultra Scale FPGA Configuration RAM (XCKU040), 90-nm SRAM, and MLC NAND flash memory (MT29F128G08CBECBH6). For comparative purposes, the analyses are performed for both maximum and minimum solar activity.Based on these comparisons, we find as expected that the space radiation environment parameters vary with solar activity. The fluence of trapped electrons and solar protons at solar maximum are higher than those at solar minimum in contrast to the trapped protons and galactic cosmic rays at low altitudes. On the other hand, TID, DDD, and SEE all show higher values during maximum solar activity than during minimum solar activity.The use of shielding material for small satellites is mandatory for this orbit as observed TID, DDD, and SEES levels that can be reached are potentially of concern to designers. However, using Al shielding thickness of at least 1.5 mm can reduce the radiation effects to acceptable levels, for both maximum and minimum solar activity for missions of moderate (∼3 years) duration.