Yeah. Loyalty goes both ways. A company has no right to expect more loyalty than they're giving their employees. And a loyal company should give you that raise even before you ask.

That said, while I've worked for some really cool companies, with excellent contact with management, usually the way to get a raise was to get another job. (And usually I was ready for a change anyway; I shouldn't stay too long at the same place, no matter how much I like the people and the company.)