diff --git a/index.js b/index.js
deleted file mode 100644
index efcf7f1..0000000
--- a/index.js
+++ /dev/null
@@ -1,20 +0,0 @@
-/*
-  MIT License http://www.opensource.org/licenses/mit-license.php
-  Author Tobias Koppers @sokra
-*/
-
-const { getOptions } = require('loader-utils');
-const validateOptions = require('schema-utils');
-
-const schema = require('./options');
-
-module.exports = function rawLoader(source) {
-  const options = getOptions(this) || {};
-
-  validateOptions(schema, options, 'Raw Loader');
-
-  const json = JSON.stringify(source)
-    .replace(/\u2028/g, '\\u2028')
-    .replace(/\u2029/g, '\\u2029');
-  return `module.exports = ${json}`;
-};
diff --git a/package.json b/package.json
index 7f4555d..d85d335 100644
--- a/package.json
+++ b/package.json
@@ -7,20 +7,24 @@
   "author": "Tobias Koppers @sokra",
   "homepage": "https://github.com/webpack-contrib/raw-loader",
   "bugs": "https://github.com/webpack-contrib/raw-loader/issues",
-  "main": "index.js",
+  "main": "dist/cjs.js",
   "engines": {
     "node": ">= 6.9.0"
   },
   "scripts": {
     "start": "npm run build -- -w",
+    "build": "cross-env NODE_ENV=production babel src -d dist --ignore 'src/**/*.test.js' --copy-files",
+    "clean": "del-cli dist",
     "commitlint": "commitlint",
     "commitmsg": "commitlint -e $GIT_PARAMS",
-    "lint": "eslint --cache index.js test",
+    "lint": "eslint --cache src test",
+    "prebuild": "npm run clean",
+    "prepublish": "npm run build",
     "release": "standard-version",
     "security": "npm audit",
     "test": "jest",
     "test:watch": "jest --watch",
-    "test:coverage": "jest --collectCoverageFrom='index.js' --coverage",
+    "test:coverage": "jest --collectCoverageFrom='src/**/*.js' --coverage",
     "ci:lint": "npm run lint && npm run security",
     "ci:test": "npm run test -- --runInBand",
     "ci:coverage": "npm run test:coverage -- --runInBand",
@@ -28,8 +32,7 @@
     "defaults": "webpack-defaults"
   },
   "files": [
-    "index.js",
-    "options.json"
+    "dist/"
   ],
   "peerDependencies": {
     "webpack": "^4.3.0"
diff --git a/src/cjs.js b/src/cjs.js
new file mode 100644
index 0000000..90fe4df
--- /dev/null
+++ b/src/cjs.js
@@ -0,0 +1,3 @@
+const loader = require('./index');
+
+module.exports = loader.default;
diff --git a/src/index.js b/src/index.js
new file mode 100644
index 0000000..4946c90
--- /dev/null
+++ b/src/index.js
@@ -0,0 +1,16 @@
+import { getOptions } from 'loader-utils';
+import validateOptions from 'schema-utils';
+
+import schema from './options.json';
+
+export default function rawLoader(source) {
+  const options = getOptions(this) || {};
+
+  validateOptions(schema, options, 'Raw Loader');
+
+  const json = JSON.stringify(source)
+    .replace(/\u2028/g, '\\u2028')
+    .replace(/\u2029/g, '\\u2029');
+
+  return `module.exports = ${json}`;
+}
diff --git a/options.json b/src/options.json
similarity index 100%
rename from options.json
rename to src/options.json
diff --git a/test/__snapshots__/loader.test.js.snap b/test/__snapshots__/loader.test.js.snap
index 10745e2..01b8252 100644
--- a/test/__snapshots__/loader.test.js.snap
+++ b/test/__snapshots__/loader.test.js.snap
@@ -4,6 +4,8 @@ exports[`loader should works: errors 1`] = `Array []`;
 
 exports[`loader should works: file 1`] = `"module.exports = \\"Где розы — там и тернии —\\\\nТаков закон судьбы.\\\\n\\\\nНиколай Алексеевич Некрасов\\\\n\\\\nWhere the roses are - there are thorns -\\\\nThat is the law of fate.\\\\n\\\\nNikolay Alekseevich Nekrasov\\\\n\\""`;
 
+exports[`loader should works: inline 1`] = `"module.exports = \\"Где розы — там и тернии —\\\\nТаков закон судьбы.\\\\n\\\\nНиколай Алексеевич Некрасов\\\\n\\\\nWhere the roses are - there are thorns -\\\\nThat is the law of fate.\\\\n\\\\nNikolay Alekseevich Nekrasov\\\\n\\""`;
+
 exports[`loader should works: separator 1`] = `"module.exports = \\"Word\\\\u2028Word\\\\u2029Word\\\\n\\""`;
 
 exports[`loader should works: warnings 1`] = `Array []`;
diff --git a/test/__snapshots__/errors.test.js.snap b/test/__snapshots__/validation.test.js.snap
similarity index 100%
rename from test/__snapshots__/errors.test.js.snap
rename to test/__snapshots__/validation.test.js.snap
diff --git a/test/cjs.test.js b/test/cjs.test.js
new file mode 100644
index 0000000..8aba6ba
--- /dev/null
+++ b/test/cjs.test.js
@@ -0,0 +1,8 @@
+import src from '../src';
+import cjs from '../src/cjs';
+
+describe('cjs', () => {
+  it('should exported', () => {
+    expect(cjs).toEqual(src);
+  });
+});
diff --git a/test/fixtures/basic.js b/test/fixtures/basic.js
index 614329d..054417c 100644
--- a/test/fixtures/basic.js
+++ b/test/fixtures/basic.js
@@ -1,4 +1,7 @@
+// eslint-disable-next-line import/no-webpack-loader-syntax, import/no-unresolved
+import inline from '!!../../src/index.js!./file.txt';
+
 import txt from './file.txt';
 import separator from './separator.txt';
 
-export { txt, separator };
+export { txt, separator, inline };
diff --git a/test/helpers.js b/test/helpers.js
index b3ba81e..12873e4 100644
--- a/test/helpers.js
+++ b/test/helpers.js
@@ -13,7 +13,7 @@ const moduleConfig = (config) => {
             test: (config.loader && config.loader.test) || /\.txt/,
             use: [
               {
-                loader: path.resolve(__dirname, '../index.js'),
+                loader: path.resolve(__dirname, '../src/index.js'),
                 options: (config.loader && config.loader.options) || {},
               },
             ],
diff --git a/test/loader.test.js b/test/loader.test.js
index 41d41bb..0086268 100644
--- a/test/loader.test.js
+++ b/test/loader.test.js
@@ -4,10 +4,12 @@ describe('loader', () => {
   it('should works', async () => {
     const stats = await webpack('basic.js');
     const { modules } = stats.toJson();
-    const [, file, separator] = modules;
+    const [inline, , file, separator] = modules;
 
+    expect(inline.source).toMatchSnapshot('inline');
     expect(file.source).toMatchSnapshot('file');
     expect(separator.source).toMatchSnapshot('separator');
+
     expect(stats.compilation.warnings).toMatchSnapshot('warnings');
     expect(stats.compilation.errors).toMatchSnapshot('errors');
   });
diff --git a/test/errors.test.js b/test/validation.test.js
similarity index 91%
rename from test/errors.test.js
rename to test/validation.test.js
index a35934e..6c2ad2e 100644
--- a/test/errors.test.js
+++ b/test/validation.test.js
@@ -1,4 +1,4 @@
-import loader from '../index';
+import loader from '../src';
 
 it('validation', () => {
   const validate = (options) =>