It is really impossible to append more than 255 chars into a single cell by VBA macro in MS Excel?
Sample code:
Option Explicit
Sub TestSub()
Dim L
The following code will write 500 A into cell A1. Afterwards, every other A will be formatted bold.
Public Sub tmpSO()
For i = 1 To 500
Range("A1").Value = Range("A1").Value & "A"
Next i
For i = 1 To 500
If i Mod 2 = 0 Then Range("A1").Characters(i, 1).Font.Bold = True
Next i
End Sub
I hope that solves your problem.
Note: your code won't work because you are trying to insert a character after L + 1. Yet, your string is currently only L long and not L + 1. Once you have inserted another A you will have L + 1 characters in that cell. But not yet. So, if you are using your code with Range("A1").Characters(L, 1).Insert ("A") then it will work.
The following code has been tested and correctly inserts 500 A into cell A1. Furthermore, some of the A will be formatted bold.
Sub TestSub()
Dim i As Integer
Range("A1").ClearContents
Range("A1").WrapText = True
Range("A1").Font.Bold = False
For i = 1 To 500
Range("A1").Characters(i, 1).Insert ("A")
Next i
For i = 1 To 500 Step 10
Range("A1").Characters(i, 3).Font.Bold = True
Next i
End Sub