diff --git a/.changeset/pretty-zebras-listen.md b/.changeset/pretty-zebras-listen.md
new file mode 100644
index 0000000000..d7ee0faef4
--- /dev/null
+++ b/.changeset/pretty-zebras-listen.md
@@ -0,0 +1,5 @@
+---
+'@backstage/cli': patch
+---
+
+Fixed an issue where the `raw-loader` for loading HTML templates was not resolved from the context of the CLI package.
diff --git a/packages/cli/src/lib/bundler/config.ts b/packages/cli/src/lib/bundler/config.ts
index c61c117452..bd07c92f6f 100644
--- a/packages/cli/src/lib/bundler/config.ts
+++ b/packages/cli/src/lib/bundler/config.ts
@@ -209,7 +209,7 @@ export async function createConfig(
         minify: false,
         publicPath: '<%= publicPath %>',
         filename: 'index.html.tmpl',
-        template: `raw-loader!${paths.targetHtml}`,
+        template: `${require.resolve('raw-loader')}!${paths.targetHtml}`,
       }),
     );
   }