Match Characters In Two Strings, Then Write To Cell

I have a SS with 700 rows. 2 columns (Col K and L) may or may not contain text in their cells. If the cells do have text, I want to check for the presence of keywords which could be anywhere within the text, and if I find match write the matching word in Column I. Example: I want to seach for the following strings Loaned, injured, suspended etc ... in the range the K4-K700. Lets say Cell K50 contains the text Injured - broken bones. As the word injured is a match I want to write the word injured to cell I50 In addition if Cell K50 has text and Cell L50 does not, i want to put the text "NEW" in I50, and the reverse if Cell L50 has text and Cell K50 does not i want to put the text "recovered" in I 50. Following formula (in each cell in Col I) does this job currently. Can't figure out how to redo this in VBA, and wondering if checking the 700 rows will cause Vba to be slower.

=IF(OR(TEXT(LEFT(OFFSET(I22,0,2,1,1),6),"DDDDDD")="Loaned",TEXT(LEFT(OFFSET(I22,0,2,1,1),6),"DDDDDD")="Transf"),
"Loaned",
IF(ISNUMBER(SEARCH("susp",OFFSET(I22,0,2,1,1))),
"Suspended",
IF(AND(ISBLANK(OFFSET(I22,0,2,1,1)),ISBLANK(OFFSET(I22,0,3,1,1))),
"",
IF(ISTEXT(OFFSET(I22,0,2,1,1))=ISTEXT(OFFSET(I22,0,3,1,1)),
"Ongoing",
IF(ISTEXT(OFFSET(I22,0,2,1,1))=TRUE,
IF(ISTEXT(OFFSET(I22,0,3,1,1))=FALSE,
"New"),
"Recovered")))))