It's not like MSWord, but you can get to each character of a string (not a
formula!).

For example this bolds colors the 3 character red for the activecell.

Option Explicit
Sub testme02()
Dim myCell As Range
Set myCell = ActiveCell
With myCell.Characters(Start:=3, Length:=1)
.Font.Bold = True
.Font.ColorIndex = 3
End With
End Sub

Jo wrote:

I need to replace with a formatting command (like you can in Word). I could
set up a macro to do this if it is possible to go to the actual character
within the cells, rather than locating the whole cell.

--

Dave Peterson