Add a DoEvents function inside the loop, see below.
You may also want to ensure that the Status bar is visible to the user and reset it when your code completes.
Sub ProgressMeter()
Dim booStatusBarState As Boolean
Dim iMax As Integer
Dim i As Integer
iMax = 10000
Application.ScreenUpdating = False
''//Turn off screen updating
booStatusBarState = Application.DisplayStatusBar
''//Get the statusbar display setting
Application.DisplayStatusBar = True
''//Make sure that the statusbar is visible
For i = 1 To iMax ''// imax is usually 30 or so
fractionDone = CDbl(i) / CDbl(iMax)
Application.StatusBar = Format(fractionDone, "0%") & " done..."
''// or, alternatively:
''// statusRange.value = Format(fractionDone, "0%") & " done..."
''// Some code.......
DoEvents
''//Yield Control
Next i
Application.DisplayStatusBar = booStatusBarState
''//Reset Status bar display setting
Application.StatusBar = False
''//Return control of the Status bar to Excel
Application.ScreenUpdating = True
''//Turn on screen updating
End Sub