Create text and background color classes with SASS variables

colors.scss

$colors: (
  red:   #ed3237,
  blue:  #3e4095,
  white: #fff,
);

@each $value in $colors {
  .text-#{nth($value, 1)} {
    color: nth($value, 2);
  }

  .bg-#{nth($value, 1)} {
    background-color: nth($value, 2);
  }
}