Transact SQL :: Replace A String Using Reference Table

I would like to create a function that will replace a string using a reference table

I have a table : reference

ID String ReplaceWith

1 ≈ &
2 < <
3 > >

If I pass a string into a function,  function needs to replace a string with replace with string column in reference table

For example, if I pass    a string : car $ap; fjld

The function should return car & fjld

How can i create a function like this so that i can call it in Stored procedure....