Hello Tom,

Welcome to the Forum!

This UDF will return "Color" or "No Color" based on the entries in the named range "Colors".
Function HasColor(ByVal Phrase As String)

  Dim Item As Variant
  Dim SearchValues As Variant
    
    SearchValues = Split(Phrase, " ")
    
    For Each Item In SearchValues
      On Error Resume Next
        WorksheetFunction.VLookup Item, Range("Colors"), 1, False
        If Err = 0 Then HasColor = "Color": Exit Function
      Err.Clear
    Next Item
        
    HasColor = "No Color"
    
End Function